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www.slenterprise.com November 9, 2020 Volume , Number 17 $1.50 O 5 COVID-19 Gochnour: COVID-related shifts Updates Weber & Davis Cancellations and BankingCounties in business won't be temporary postponements er home built in this state without having The following are events that have been Brice Wallace &pages Finance 15-18 accommodations for a home offi ce,” said included in The Enterprise Calendar The Enterprise Gochnour, director of the Kem C. Gardner PAGESponsored F1 by: listings and subsequently have been Policy Institute at the University of Utah. postponed or canceled, or have been Location, location, location. “This is a structural change in our economy removed from the organizers’ web- That credo about being the top three that I believe will live on.” site calendars. This is not a complete priorities when buying real estate also ap- Working from home is only part of the list of postponements or cancellations. plies to some of the business-related chang- stay-at-home trend brought on by the pan- Check with organizers to determine if pages F1-F8 es wrought by the COVID-19 pandemic, ac- demic — what Gochnour called “nesting as their events will take place. cording to one of the state’s top economists. a society.” Among the results of that trend The virus has fundamentally shifted where are gross taxable sales in Utah growing CANCELLATIONS people work and who is doing the work. from year-earlier totals in the categories of Nov. 12, 8:30 a.m.-10:30 a.m. Speaking at the recent Utah Economic furniture, gasoline and home and grocery “Managing Difficult Employees: and Energy Summit, Natalie Gochnour used stores but slipping for clothing, arts and en- Sponsored by: Briefing for Managers and Supervisors,” the phrase “Home Sweet Offi ce” to describe tertainment, hotels and restaurants. an Employers Council event. the move by many employees to work at home rather than the traditional offi ce. Nov. 17, 8:30 a.m.-10:30 a.m. see GOCHNOUR page 12 “I don’t believe there will be anoth- “Unemployment Insurance in Utah: Appeal Hearing Workshop,” an Employers Council event. Dec. 8, 8:30-11:30 a.m. “Harassment Prevention for Man- agers and Supervisors,” an Employers Council event. POSTPONEMENTS The 15th Annual Wasatch Front Materials Expo, a Utah SAMPE Chapter event originally scheduled for March 25, will take place Nov. 16, 4-8 p.m., at Salt Lake Community College’s Miller Campus, Karen G. Miller Conference Center, 9750 S. 300 W., Sandy. Free. Registration can be completed at Eventbrite.com. Business After Hours, a Salt Lake Gail Miller, owner and chair of the Larry H. Miller Group of Companies and the NBA's Utah Jazz, Chamber event, originally scheduled for poses with Ryan and Ashley Smith at a recent press event where it was announced that the Smiths March 19 and later rescheduled for Sept. 17 have purchased a majority ownership in the team. (Photo courtesy LHM Group) at the Utah Museum of Contemporary Art in Salt Lake City, has been rescheduled for spring 2021. After 35 years, Millers decide it's “We Are Utah” Manufacturers Expo, a Utah Manufacturers Association event scheduled for Sept. 23, 1-8 p.m., at the 'right time' to sell the Jazz Mountain America Expo Center in Sandy, Gail Miller, the family matriarch Smith on Oct. 29. has been postponed until March 2021. whose clan has owned at least half of the Miller, chair of the Larry H. Miller Business to Business Expo, a Davis Utah Jazz for the past 35 years, has agreed Group of Companies, said that the Larry H. Chamber of Commerce event original- to sell a majority interest in the franchise to Miller Dealerships, Larry H. Miller Real Es- ly scheduled for Aug. 27 at the Davis Ryan Smith, the co-founder of Utah-based tate, Prestige Financial Services, Salt Lake Conference Center in Layton, has been software company Qualtrics. The 77-year- Bees and Megaplex Theatres will all remain postponed until April 2021. old Miller, who was a partner with her late part of the family enterprise. The South Salt Lake Chamber Annu- husband Larry when they bought a 50 per- cent stake in the team in 1985, announced the deal atAFCU-Business-Strip.pdf a joint news conference 3 5/7/19 with 5:02 PM see JAZZ page 13 see UPDATES page 12 C

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K 2 • November 9-15, 2020 • The Enterprise - Utah's Business Journal COVID-19 AND UTAH - NEWS AFFECTING YOUR BUSINESS & YOUR EMPLOYEES

type of scam was the enticement of a sales price. Scam- who don’t have any symptoms. Socializing? Online tool can tell you mers offered high-demand products at a significantly re- While other antibody trials are underway for people COVID-19 risk for your crowd size duced dollar amounts, which then increased the desire to who have needed hospitalization, this set of two studies purchase the item. seeks to determine whether giving people antibodies ear- There’s a new tool available to help you assess your risk of Following the coronavirus outbreak, the second-big- lier in the illness is effective at treating early-stage corona- contracting COVID-19 when you gather in a social setting. An gest motivating factor to search and purchase items online virus and in preventing those exposed to it from catching interactive map designed by the Georgia Institute of Technol- was availability. Early in the pandemic, supplies such as the disease. ogy breaks down the risk in each of Utah’s counties based on hand sanitizer, toilet paper, cleaning products and masks The trials are being conducted at the University of the crowd size. were in short supply. According to the survey, more than Utah and participants may be compensated. The Utah Department of Health and Gov. Gary Herbert half (53 percent) of the respondents said they weren’t This is the first U.S. multi-center, double-blind, ran- have recently limited crowd size in a social gathering to 10 aware they were a target of a scam until they didn’t receive domized clinical trial to assess the effectiveness of conva- people and the interactive map gives you your chance of get- the product they ordered. lescent blood plasma as an outpatient therapy. Antibodies ting coronavirus based on that — or any other — crowd size. are one of the best options being tested for treatment and Herbert said the COVID-19 danger is as great now as prevention. If this option is deemed effective, it would be any time since March at a recent press conference. “It’s get- Poll indicates veteran-owned small one of the lower-cost options for treating and/or prevent- ting old. People are getting tired, we’re getting frustrated, ing coronavirus illness worldwide, compared to vaccines, we’re getting angry and we’re getting depressed,” said Her- businesses are recovering faster which might be too costly for some populations and coun- bert. While COVID continues to devastate the small busi- tries. The Georgia Institute map breaks down the coronavirus ness landscape, based on a recent Alignable Pulse poll, vet- risk by every single county in the country based on health erans who own small businesses appear to be making more data. The map estimates the chances of at least one person in progress toward recovery than their peers. Wastewater studies find elevated the crowd of an event you attend who has coronavirus. Us- Conducted among 8,092 small-business owners in Oc- ing the interactive options, you pick the size of the crowd at tober, the latest poll shows greater optimism, resilience and virus levels in three No. Utah towns the event and the map give you your chances of exposure. recovered revenue among the women and men who left the Evidence of a record amount of COVID-19 has been The map also asks you to pick what’s called an “ascertain- battlefield to embark upon the American Dream. found in wastewater treatment facilities in Tremonton, ment bias,” which is an assumption that not everyone who This is certainly welcome news as the U.S. Small Brigham City and Logan. There are more than 5,000 con- has coronavirus was tested. Business Administration celebrated Veterans Small Busi- firmed positive cases under the Bear River Health De- Based on the state-mandated crowd size, the map shows ness Week, which started Nov. 2. partment and that number could rise after these findings, that if you attend an event that has 10 people in Salt Lake While 65 percent of the veterans say COVID contin- according to data from the Department of Environmen- County, there is a 30 percent chance someone in that crowd ues to negatively affect their businesses, the survey shows tal Quality, in conjunction with local health departments is COVID-positive. In Washington County the chances are veteran-owned businesses are making strides despite their and Utah State University. The coalition conducted ex- pegged at 24 percent, Grand County (Moab) sits at 20 per- challenges. For instance, 75 percent of veteran-owned periments in response to the pandemic and protect public cent and Uintah County shows a 12 percent exposure chance. businesses will pay their rent in full and on time in No- health. According to the map, you have less than a 1 percent chance vember, compared to only 68 percent of their peers. Six- USU’s head of biological engineering, Keith Roper of running into someone with the virus in a crowd of 10 in ty-nine percent veteran-owned businesses are fully open is working closely with the Department of Environmental Daggett County. versus 62 percent of others nationally and 61 percent of Quality, which will provide a summary report to the state’s You can check out any county in the country at https:// veteran-owned businesses report having cash reserves to department of health to go over the data and rise in cases covid19risk.biosci.gatech.edu/. cover at least three months. Only 50 percent of small busi- and next steps. nesses nationwide have that kind of cash on hand. And 38 “The wastewater monitoring provides a measure of percent of veterans say they’ve matched or exceeded their the prevalence of infection for all the individuals who are BBB says online scams are more pre-COVID monthly revenue, in contrast to 31 percent of infected,” said Roper. About a month ago, USU’s wastewa- other small businesses. ter monitoring found over 200 cases in residence halls on costly during coronavirus pandemic “Many business owners continue to fight hard to keep campus and was able to isolate students to prevent further Scams related to online purchases, already on the rise their operations going despite countless COVID issues,” spread of the virus. Roper said studying the wastewater is in 2019, spiked further following the start of the COV- said Alignable CEO and co-founder Eric Groves. “But vital since many individuals with COVID-19 won’t experi- ID-19 pandemic, according to new research by the Better amid this unparalleled struggle, it’s inspiring to see these ence symptoms and may not bother getting tested. Business Bureau (BBB). A staggering 80.5 percent of con- determined, optimistic warriors forge what appears to be a This study began as a pilot program of 10 facilities sumers reporting online purchase scams in 2020 lost mon- stronger path toward recovery, leading the way for their lo- throughout Utah and now is in 44 different treatment plants ey. That figure has been creeping up from 71.2 percent in cal economies.” representing about 80 percent of the state’s population, ac- 2015, when BBB began collecting data. Another poll finding highlights the positivity that pro- cording to Roper. Online purchase scams ranked among the top three pels many veterans. When asked, “What aspect of your fi- riskiest scams for the past three years, according to nancial recovery gives you the most concern?” veterans the 2019 BBB Scam Tracker Risk Report that was pub- were 35 percent more likely to answer, “Nothing, every- lished in March. Shortly after the report was released, CO- thing is good,” compared to other business owners. VID-19 shut down businesses, forcing people to socially distance and increase their online presence. The organization measures fraud using the BBB Risk UofU seeking volunteers for two new Index, a multidimensional approach to evaluating scam risk that considers three elements: exposure (prevalence of C-19 treatment & prevention studies a scam type), susceptibility (the likelihood of losing money As COVID-19 cases in Utah surge, the University of when exposed to a scam type) and monetary loss (the me- Utah and Johns Hopkins University are seeking volunteers dian dollar loss reported for a particular scam type). for two new COVID-19 treatment and prevention studies With the coronavirus pandemic expected to continue in the Salt Lake City area. for the foreseeable future and more people potentially be- The researchers want to make sure older people who ing targeted by online scams, BBB launched a new study to may have been exposed, essential workers, healthcare better understand how online purchase scams happen, who workers, home aides and parents and caregivers of chil- is targeted, the overall impact of them and how BBB can dren who might be diagnosed know this trial is underway help people avoid losing money while shopping online. and how to sign up. Full details are available at www.co- “This was something we had to examine more close- vidplasmatrial.com or by telephone at 888-506-1199. ly,” said Melissa Trumpower, executive director of BBB The trial will help determine whether antibodies from Institute for Marketplace Trust, which produced the report. people who have recovered from COVID-19 can help peo- “People will continue to actively shop online in order to ple who have either been recently exposed or who have reduce their exposure and keep their families safe. As this been recently diagnosed and have symptoms to avoid get- virus continues and circumstances change, scammers will ting very sick. try to take advantage.” Those eligible for the test are people who were test- The “2020 Online Purchase Scams Report” examines ed for COVID-19 no more than five days ago and were findings from an August 2020 survey of 1,549 U.S. and Ca- positively diagnosed, who still have symptoms but haven’t nadian consumers reporting online purchase scams to BBB been hospitalized; or those who were in close contact with Scam Tracker. The top reason people lost money to this someone who has COVID-19 no more than three days ago, The Enterprise - Utah's Business Journal • November 9-15, 2020 • 3 U.S.'s coal future: If not power generation, how about 'in products?' energy in the ground, whether it’s One technology involves us- terials that could be used as sub- with net negative CO2 emissions Brice Wallace coal, oil, natural gas, [and] a lot ing coal to make things — for stitutes for ceramic roofi ng tile, and do it cost-effi ciently, he said. The Enterprise of discussion about fracking and example, a house’s back deck — wallboard and decking material. All of those technologies whether or not we ought to be do- rather than burning in a power “We can build all of that out and more could help the U.S. and For parts of the U.S. that rely ing that anymore,” Winberg said. plant. of coal, again using the carbon other nations move to a new en- on coal production to support But the U.S. has become en- “We all know there is tremen- value, not the heating value, of ergy future, depending on “how their local economies, Steven ergy-independent and is export- dous pressure on coal-fi red power coal,” Winberg said. quickly we want to go and how Winberg has some encouraging ing oil and liquid natural gas. generation, and the vast majority If the Department of Energy deep we want to make our green- words. “For those people that think of the coal that we mine in the can reduce the costs of the tech- house gas reductions,” Winberg Speaking at the recent Utah we ought to just leave it in the United States goes towards coal- nology, it could mean an increase said. And the U.S. can be at the Economic and Energy Summit in ground and move on, I would fi red generation,” Winberg said. in U.S. coal production of 300 forefront of that technology de- Salt Lake City, Winberg, assistant suggest to you there’s another “But the coal fl eet is aging, so we million to 400 million tons. For velopment, he stressed. secretary for fossil energy at the pathway forward, and that is tak- need to fi nd another use for coal, comparison, about 550 million “Whatever the course and U.S. Department of Energy, ac- ing and maintaining a leadership and that’s coal to products.” tons will be mined this year for whatever the speed under which knowledged that coal-fi red pow- role in technology development,” The coal-to-products tech- power generation. we do that,” he said, “we will er generation stations are aging he said. nology aims to use coal’s carbon “That [technology] would be need these critical minerals, and and power companies are mov- Technologies being advanced value instead of its heating value game-changing for a lot of coal this administration believes that ing toward using more renewable by the Department of Energy will to make products such as carbon communities across this coun- those critical minerals can best sources. But coal can remain part “allow us to maintain an all-of- fi ber; carbon nanodots — which try,” Winberg said. be produced here in the United of the nation’s and world’s energy the-above energy strategy,” he can be used for bioimaging, so- Another use for coal in- States so that we have them to future, he said. said, noting that the “energy fu- lar cells, photocatalysis and sen- volves extracting rare-earth ele- guide us through the energy tran- “There has been no shortage ture cuts across all forms of ener- sor applications — materials used ments from coal and coal byprod- sition and to have them so we of discussion about leaving fossil gy.” in 3D printing; and building ma- ucts. Winberg explained that ash can export them to our friends left over from burning or gasify- and allies around the world, and ing coal and byproducts increases mostly so we are not dependent the concentration of rare-earth el- on minerals coming from coun- Women Tech Council recognizes top tech talent ements and critical minerals that tries that don’t have our interest can be extracted. As much as 11 at heart.” Utah’s Women Tech Coun- dis, Ancestry. In addition to this recogni- million tons of rare-earth ele- cil (WTC) has announced the • Digital Education Innovator: tion, the awards program also ments could come from coal and winners of its 2020 Women Tech Melissa Bueno Hamilton, Murray marked the launch of the Women coal byproducts, he said. Awards. City School District. Tech Talent Pipeline Alliance as a And while large coal-fi red “In a year driven by the CO- • Strategic Innovator: Qun joint effort by Women Tech Coun- power generation plants might UTAH’S BUSINESS JOURNAL VID-19 pandemic, the Women (Maxine) Liu, Health Catalyst. cil, Governor’s Offi ce of Econom- be on the way out, Winberg en- USPS # 891-300 Tech Council is fi ghting back by • Technology Leadership: Re- ic Development, Code in Color, visions smaller, modular stations Published weekly by: identifying and recognizing the becca Whitehead, HealthEquity. Latinas in Tech Utah, United Way, with the fl exibility to ramp up or Enterprise Newspaper Group women who are propelling eco- • Operational Excellence: Department of Workforce Services down very quickly, as needed, nomic growth, driving innova- Seraphine Kapsandoy-Jones, In- and Tech Moms. This alliance will “when the sun’s not shining and 825 North 300 West Ste. NE220 tion and inspiring the commu- Salt Lake City, Utah 84103 termountain Healthcare. work to expand the talent pipeline the wind’s not blowing.” 801-533-0556 FAX 801-533-0684 nity through the Women Tech • Leadership Excellence: for women in technology across Those stations likely will be www.slenterprise.com Awards,” the organization said in Wendy Steinle, Adobe. all demographics, races, socio- able to burn coal, biomass, waste PUBLISHER & EDITOR its announcement. “Now in their • Student Pathway: Jennifer economic statuses and life situa- plastics and other fuels. They R. George Gregersen 13th year, these awards accelerate Morales, Weber State University. tions, WTC said. could produce hydrogen, do it PRESIDENT the career and work of the wom- David G. Gregersen en recognized, including their in- [email protected] novations to fi ght COVID-19, and VP/GENERAL SALES MANAGER magnify the economic.” Dale Dimond [email protected] “In a year when each of us has lost so much, the vision and inspi- MANAGING EDITOR Every day is a great day . . . John M. Rogers ration these women bring through [email protected] their stories and accomplishments CONTROLLER has never been more needed,” said Richard Taylor Cydni Tetro, president of WTC. MMMM… TASTY WOW [email protected] “Through their innovations and OFFICE MANAGER Mondays! Tuesdays! Wednesdays! Dionne Halverson leadership in healthcare, educa- [email protected] tion, fi ntech, AI, engineering and CLASSIFIED DISPLAY nearly every other tech fi eld, they [email protected] TWISTY FRITTER SPRINKLES are creating economic opportuni- CIRCULATION ties, uniting the community and MThursdays! Fridays! Saturdays! Dionne Halverson inspiring the technology work- [email protected] force to lift each other above the LIST DEVELOPMENT obstacles we are all facing.” [email protected] WTC said each award recipi- ADVERTISING INQUIRIES [email protected] ent was selected for her impact on Donuts Brownies Fritters TO CONTACT NEWSROOM the technology sector and econo- [email protected] my, and her community contribu- ART SUBMISSIONS tions. The Student Pathway award Turnovers Muffins [email protected] recipient was given to an under- Subscription Rates: graduate student in the midst of Family Owned & Operated Online only, $65 per year her STEM degree for her promis- Print only, $75 per year ing work and dedication. Online and Print, $85 per year The 13th annual award recip- 2278 So. Redwood Road Any opinions expressed by the columnists are not necessarily the opinions or policy of Enterprise, ients are as follows: it’s owners or managers. Reproduction or use of • Technology Transformation 801-975-6381 contents without written consent of the publisher is Excellence: Kristiane Koontz, Zi- prohibited. All rights reserved. ons Bancorporation. M-F 5:00 am – 2:30 pm & Sat. 7:00 am – noon © 2020 Enterprise Newspaper Group Inc. Periodical postage paid at Salt Lake City, Utah • Founder Leadership: Linda POSTMASTER: Send address corrections to: Klug, Airin. P.O. Box 11778, Downtown Station • Trailblazer: Margo Georgia- with Darla’s Donuts! Salt Lake City, Utah 84147

4 • November 9-15, 2020 • The Enterprise - Utah's Business Journal

for investment grew $22 million, er demand for its specialty medi- or 1.3 percent, year-over-year to cal devices in March during 1Q CORPORATE FINANCIAL REPORTS $1.7 billion. 2020,” Kevin Cornwell, CEO, As for the pandemic effects, said in announcing the results. The following are recent fi - Overstock.com out-of-stock positions on some of the company said it funded 333 “As the largest segment of nancial reports as posted by select- Overstock.com Inc., based in our top-performing products,” the loans totaling $84.6 million un- UTMD’s revenues in recent years ed Utah corporations: Salt Lake City, reported net in- company said. der the SBA’s PPP loan program. has been in gynecology proce- come attributable to stockholders “We cannot predict how the As of the date of the earnings dures deemed ‘nonessential,’ SkyWest of $23.4 million, or 50 cents per COVID-19 pandemic will unfold release, the company had fi led such as tubal ligation and loop SkyWest Inc., based in St. share, for the quarter ended Sept. in the coming months. Neverthe- 62 applications, or 19 percent, excision of the transformation George, reported net income of 30. That compares with a loss less, the challenges arising from with the SBA, totaling $19 mil- zone, UTMD sales dropped pre- $34 million, or 66 cents per share, of $30.9 million, or 89 cents per the pandemic have not adversely lion and had received loan for- cipitously in 2Q 2020. for the third quarter ended Sept. 30. share, for the same quarter a year affected our liquidity, revenues, giveness on 15 loans, totaling “My view is that compari- That compares with $91 million, or earlier. or capacity to service our debt, $800,000. sons of 3Q and 9M 2020 results $1.79 per share, for the same quar- Revenue in the most recent nor have these conditions required As of the release date, the with the same periods in the prior ter a year earlier. quarter totaled $732 million, up us to reduce our capital expendi- company had offered temporary year represent the magnitude of a The company said the primary from $347 million in the year-ear- tures.” loan payment relief to 415 busi- revenue hole that UTMD fell into factor in its lower results was re- lier quarter. nesses and 108 individuals total- caused by COVID-19 manage- duced fl ight schedules and lower Overstock.com is an online Altabancorp ing approximately $320 million, ment policies, not a fundamental demand resulting from the COV- retailer and technology company. Altabancorp, based in Amer- or 18.5 percent of total loans, ex- trend. The trend which may be of ID-19 pandemic. “After a record-setting second ican Fork, reported net income cluding SBA PPP loans. more interest and cause for opti- Revenue in the most recent quarter, we maintained our mo- of $11.3 million, or 60 cents per mism is a comparison of succes- quarter totaled $457 million, down mentum, continued to outperform share, for the third quarter end- Utah Medica Products sive quarterly revenues during from $760 million in the year-earli- expectations, and grew faster than ed Sept. 30. That compares with Utah Medical Products Inc., 2020.” er quarter, again primarily because competitors in the third quarter,” $11.1 million, or 59 cents per based in Salt Lake City, report- Third-quarter U.S. sales of the pandemic. Jonathan Johnson, CEO, said in share, for the same quarter a year ed net income of $2.9 million, or “substantially recovered” from SkyWest Inc. is the holding announcing the results. “Our quar- earlier. 80 cents per share, for the third the second quarter. “Although company for SkyWest Airlines and terly gross sales in our retail busi- Altabancorp is the parent quarter ended Sept. 30. That sales outside the U.S. have been SkyWest Leasing, an aircraft leas- ness doubled year over year once company of Altabank, which has compares with $3.7 million, or slower to recover, they neverthe- ing company. SkyWest Airlines again and new customers grew 26 branch locations in Idaho and 99 cents per share, for the same less were signifi cantly higher in serves more than 250 destinations 141 percent. These new custom- Utah. quarter a year earlier. 3Q 2020 than in the dismal 2Q throughout North America through ers are making repeat purchases “We are pleased with the re- Net sales in the most recent 2020,” Cornwell said. “Unless partnerships with United Airlines, at an increasing rate. Heading into sults we achieved in the third quarter totaled $10.5 million, governments again restrict med- Delta Air Lines, American Airlines the fourth quarter, I am as confi - quarter as we continue to actively down from $12.5 million in the ical care, we see the recovery and Alaska Airlines. dent as ever in our retail business manage the negative effects of the year-earlier quarter. trend continuing to be positive, so “Over the past several months, maintaining sustainable, profi table COVID-19 pandemic,” Len Wil- Utah Medical Products de- that 4Q 2020 is likely to be UT- we have worked with our partners market share growth.” liams, president and CEO, said velops, manufactures and mar- MD’s best revenue quarter of the and our people to respond quickly The increase in customer de- in announcing the results. “Our kets a range of disposable and year.” and aggressively to the worst cri- mand was among the opportuni- mortgage banking team is one reusable specialty medical de- sis our industry has experienced,” ties resulting from the COVID-19 area, in particular, that has per- vices. Merit Medical Products Chip Childs, CEO, said in announc- pandemic, particularly in home formed well. Mortgage banking “As stockholders know, the Merit Medical Products Inc., ing the results. “The SkyWest team furnishings categories. Website revenues grew 67 percent for the desire to preserve capacity for based in South Jordan, reported a continues to demonstrate excep- traffi c and the number of new cus- year compared with a year ago, re- treating patients with COVID-19 net loss of $3 million, or 5 cents tional dedication and fl exibility, tomers grew “substantially,” the fl ecting strong refi nance demand led to suspending many hospital medical procedures. As a result, and I want to thank them for their company said. and higher margins due to decline see EARNINGS page 13 hard work and focus through this “We continue to face chal- in overall interest rates.” UTMD began to experience low- challenge. We are committed and lenges created by the sharp in- The company said total as- remain laser-focused on ensuring crease in volume, in customer ser- sets grew $731 million, or 30 per- we are positioned for the long- vice channels and in fulfi llment cent, year-over-year to $3.18 bil- term, maintaining strong liquidity, and delivery, stemming from ca- lion. Total deposits grew $615 and delivering on our partners’ ob- pacity issues from shipping carri- million, or 29 percent, year-over- jectives in the recovery.” ers and some suppliers, including year to $2.72 billion. Loans held IRONWORKERS Air Methods opens new base in Ogden BUILD Air Methods, an air medical Skilled aviation mechanics ensure many other air medical compa- service provider based in Green- the aircraft is always safe and mis- nies, and that our patient advo- wood Village, Colorado, has part- sion-ready. cacy teams help patients navigate WITH nered with Mountain Star Health- Air Methods maintains over post-fl ight insurance requirements care to open its fi rst Utah base. 300 bases in 48 states with more to avoid costly out-of-pocket ex- The base will open this week in than 4,500 staffers. It also oper- penses.” Ogden as AirLife Utah and will ates eight maintenance centers “I’m pleased that Air Meth- THE serve Ogden Regional Medical throughout the nation and a na- ods will be MountainStar Health- Center, Cache Valley Hospital, tional communications center. care’s new partner for air am- Brigham City Hospital, Pleas- “We are proud to partner with bulance services, which we will ant View Emergency Center and MountainStar Healthcare to serve proudly station right here at Og- BEST Lakeview Hospital in Bountiful, patients, particularly during this den Regional,” said Mark Adams, as well as other surrounding com- CEO of Ogden Regional Medical heightened time of need,” said munity hospitals. AirLife Utah Center. “This partnership allows Michael Jenkins, area manager will provide emergency air medi- us to continue providing high- for the Air Methods North Central cal services throughout northern quality and safe patient care. Air- Region. “In emergency situations, Utah, southern Idaho, and south- Life Utah’s aircraft and skilled west Wyoming. minutes can be the difference be- crew will also make interfacil- tween life and death. Air medical The Ogden AirLife Utah base ity transports possible, as neces- VISIT NORTHWESTIMPACT.COM TO DISCOVER is located at Ogden Regional Med- services ensure fast and effi cient sary, as COVD-19 cases continue transport with the best clinicians OVER 200 CONTRACTORS EMPLOYING MORE ical Center. The AirLife Utah air to surge in the region. It is crucial THAN 7,500 HIGHLY TRAINED IRONWORKERS ambulance is staffed with trauma and pilots in the industry. It is also that we have air medical transport clinicians and pilots with years of important to us that we do not re- capabilities, and we are happy to experience in the fi eld and carries quire patients to purchase mem- partner with Air Methods to serve blood and plasma on every fl ight. berships for our services, unlike our community.” The Enterprise - Utah's Business Journal • November 9-15, 2020 • 5 PIVOT Center launches studio to focus on bringing UofU software to market The University of Utah’s to university environments, pro- market. software innovations frozen with- accelerating time-to-market for Partners for Innovation, Ventures, viding creative and innovative al- Driving Summit Venture Stu- in institutions of higher education potentially profi table ideas.” Outreach & Technology (PIV- ternatives that dio’s creation was the experi- to create much-needed routes to Summit Venture Studio OT) Center has launched Summit help university ence of Djokovich and Bench, profi table commercialization. works with PIVOT Center to dis- Venture Studio, which focuses software-based combined with insights from the “While part of the team at cover and cultivate software in- on the commercialization of the technologies UofU’s technology transfer of- the U’s technology transfer offi ce novation coming from the univer- software applications developed fi nd a viable fi ce, a division of PIVOT Center. I walked the university halls and sity, guiding invention disclosure in the university setting. Sum- path to market. Djokovich was PIVOT Center’s met with hundreds of amazing in- initiatives and collaborating with mit Venture Studio (SVS) pro- SVS overcomes fi rst mentor-in-residence, while ventors who generated thousands software developers to assess vides capital and experienced tal- Peter Djokovich challenges with Bench managed PIVOT Cen- of innovative ideas,” said Bench. their technology and market po- ent to develop, launch and scale commercial- ter’s equity portfolio. Along with “With hundreds of millions of tential. Software innovations university software startups and ization by pro- PIVOT Center’s leadership team, dollars of research funding go- are designed, developed and de- bring products to market more ef- viding both the they recognized what was needed ing to SVS’s university partners ployed via dedicated SVS go-to- fi ciently and rapidly, PIVOT said necessary tal- to propel software-based startups: to generate new ideas and solu- market teams, including product- in a release. ent to transition hundreds of millions of research tions, there is a giant unmet need market validation and application Summit Venture Studio, software into dollars invested in universities to help get these technology ad- development, targeted on the cre- headed by co-founders and man- commercial ap- each year, the release said. Sum- vancements to market. We have ation and launch of new products aging directors Peter Djokov- plications and mit Venture Studio will apply chosen to focus our efforts on do- and companies. Summit Venture ing this for the software created Studio also provides software in- ich and Taylor Bench, applies Taylor Bench capital to get techniques from the private sec- proven go-to-market strategies the product to tor to the untapped and unrealized by cutting-edge researchers.” ventors access to its global net- “I have led teams that have work of business and distribution been successfully innovating partners to expedite commer- global enterprise software here in cial growth through its “Discov- Summit's 'Startup Pitch' winners named Utah for many decades. We pri- er, Develop and Deploy” frame- oritize SVS’s engagement and work, according to Djokovich Three up-and-coming busi- nects people who want to rent included Utah Lt. Gov. Spencer contribution to the Utah innova- and Bench. nesses were named winners of the parking spaces with businesses Cox; Taylor Randall, dean of the tion community by attracting na- “Summit Venture Studio is inaugural Startup Pitch competi- and individuals with extra spac- University of Utah David Eccles tional and global investor capital, an essential element of Utah’s in- tion at the recent 2020 Utah Eco- es in their driveways and parking School of Business; Cydni Tet- attention from corporate licensee novation community and will in- nomic & Energy Summit, held in lots. It’s now available for down- ro, founder of ForgeDX and co- partners and the broader technol- crease commercialization of the Salt Lake City. The winners took load on the Android and Apple founder of Women’s Tech Coun- ogy transfer community and serv- abundance of software solutions home $10,000 in prizes, including app stores. cil; Tara Spaulding, president ing as a catalyst for our highly- being developed at the U,” said three judge prizes and a people’s Uncle Bob’s Country But- and founder of Hen House Ven- regarded local Utah talent,” said Keith Marmer, chief innovation choice prize after a live audience ter won the people’s choice prize tures; and Sid Krommenhoek, Djokovich. “For investors, be- and economic engagement offi - vote. and $4,000, the largest cash prize founder and general partner at cause we know how to success- cer for the UofU. “SVS has the “The competition was added in the competition. It also won Album VC. fully scale software businesses, leadership to succeed — with to the summit this year to high- the second-place judges’ award SVS reduces risk and improves tens of millions of users of their light the state’s thriving entrepre- and $2,000. The company sells a return-on-investment by rapidly collective solutions.” neurship community, all it does to line of buttermilk syrups for pan- help drive the economy, and add cakes and other purposes. The syr- some fun and audience engage- ups are available in local grocery ment to the state’s leading eco- stories, online and the company nomic conference,” organizers Overstock institutes permanent free shipping is launching a new partnership to said. The Startup Pitch was spon- Salt Lake City’s Overstock. Overstock said. couch, shipping is free.” distribute at Costco. sored by Clarke Capital Partners com, an online retailer for prod- “We have always prided our- “Free shipping is typical- Medforums won the third- and managed by the Utah Gover- ucts for the home, has made its selves in offering quality and val- ly only available through an an- place judges’ prize and $1,000. It nor’s Offi ce of Economic Devel- free shipping benefi t, fi rst offered ue. Free shipping on everything nual subscription fee or a mini- opment and the Lassonde Entre- provides a peer-reviewed network at the beginning of the COVID-19 fi ts right into Overstock’s man- mum purchase price,” said Dave preneur Institute at the University of medical education resources. pandemic, a permanent benefi t for tra,” said Krista Mathews, the Nielsen, president of Overstock of Utah’s David Eccles School of The three fi nalists in the Start- retail. “Overstock has removed its customers in the continental company’s chief customer offi - Business. up Pitch advanced from 40 start- these requirements for custom- U.S. The offer applies to all in- cer. “We’ve found that shipping Parq won the fi rst-place judg- ups that applied to the competi- ers during tough economic times costs are among the top consum- ing prize, $3,000, six months tion. Each fi nalist had fi ve minutes ventory, requires no subscription and ahead of the holiday season. of free offi ce space at The Shop to pitch to a panel of expert judg- or annual fee, requires no mini- er purchase drivers when choos- We’re providing our customers Workplace and an iPad from Now es and a live audience during the mum purchase price and does not ing where to shop. Whether you even more savings so they can CFO. Parq offers an app that con- summit. The judges for the event have an item size or price cap, are buying a $20 lamp or a $2,000 create their dream homes.”

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Industry Briefs are provided as tion for over 35 years. He came to tors for its ULI Utah Young gum disease. The foundation’s provides repair and remanufactur- a free service to our readers. Pentalon in 2016 after effectively Leaders Mentor Program for educational initiatives include ing solutions to electronics manu- Company news information may serving as the Western Region 2021. Industry leaders will men- providing edu- facturers worldwide. The family- be sent to [email protected]. project controls manager for his tor in a small group of young cational vid- owned company, based in East The submission deadline is one previous employer. He started at leaders from Utah’s real estate eos for dental week before publication. Syracuse, New York, has a repair Pentalon as a project manager community. Each group will con- offices to use, and distribution center in Georgia. and most recently operated as the tain six to 10 young leaders from royalty-free, to BANKING senior project manager. diverse professional backgrounds educate patients • KeyBank’s Utah market has NONPROFITS between the ages of 18-35 paired on how oral announced that Doug Heward has • Jonathan Foulk has been DIVIDENDS with one mentor. The group will health corre- been promoted to Key Investment named associate executive direc- • The board of directors of meet regularly for a minimum of James Anderson lates with their Utah Pride Center Services market manager. In this tor of the . He Altabancorp, based in American six times throughout the year. Up body’s over- has more than 10 years of non- role, he oversees Key Investment Fork, has declared a quarterly to three groups will be offered all health and wellness; sharing profit and fun- Services in Colorado, Utah and dividend of 15 cents per common in 2021. Applications are being scientifically researched articles draising experi- Idaho. Key Investment Services share. The dividend is payable accepted now. They will be evalu- via the website; and connecting ence, including provides invest- Nov. 16 to shareholders of record ated by the YLG Management the dental community through serving as chief ment plan- Nov. 9. Altabancorp is the bank Committee and mentees will be peer testimonials, insights and advancement ning solutions holding company for Altabank, announced Feb. 1. Details are recommendations. Dr. James V. officer for the including IRAs, which has 26 branch locations in available by contacting Trevor Anderson, CEO and founder of San Francisco annuities, mutu- Idaho and Utah. Ellis at [email protected]. eAssist Dental Solutions, is the Gay Men’s al funds and foundation director. Chorus, lead- other invest- Jonathan Foulk ECONOMIC ing fundraising ment solutions efforts for the first gay chorus to help cli- DEVELOPMENT INSURANCE Doug Heward • The Economic Develop- in the world and helping lay the ents meet their • PrimeOne Insurance Co., ment Corporation of Utah groundwork for the nation’s first wealth management, retirement, Salt Lake City, has appointed (EDCUtah) has announced that National LGBTQ Center for the college savings and other finan- Steven Nigro to its board of eight cities and counties have Everything for the Arts, and he served as senior cor- cial goals. Heward has more than directors. Nigro completed its Development porate development officer at The 15 years of experience working Contractors is a manag- Ready Communities (DRC) pro- Trevor Project, the world’s largest with KeyBank clients in Utah. ing partner of gram. The five-stage program was 24/7 suicide prevention and inter- He joined KeyBank as a teller We rent the best TAG Financial launched in April 2019 and is vention organization for LGBTQ in 2004 and has held positions Institutions designed to better prepare commu- young people. of increasing responsibility within Group and the nity partners to attract and grow the company since then, serving as 4343 Century Drive vice chairman competitive companies and foster PHILANTHROPY a banker, branch manager and area and lead inde- the expansion of local businesses. Salt Lake City, UT 84123 • Altabank, American Fork, retail leader before being named Steven Nigro pendent direc- Participants that completed the has announced a long-term part- Key Investment Services market tor of Maiden program are Box Elder, Grand 801- 262-5761 nership with Intermountain manager. Heward earned his bach- Holdings Ltd. He has more than and San Juan counties; and Healthcare through a $500,000 elor of arts degree in economics www.centuryeq.com 25 years of insurance leadership Brigham City, Cedar City, Orem, donation to its Healthy Kids ini- from the University of Utah. experience. PrimeOne also has South Jordan City and Syracuse named Stephen Greenfield as tiative’s Reach Out and Read City. Available to public mem- its chief underwriting officer. He program. Altabank’s gift will be CONSTRUCTION bers of EDCUtah, the program has been with the company since designated to fund Intermountain • Pentalon Construction, provides a structured, comprehen- 2015, most recently as president of Healthcare’s Reach Out and Read Salt Lake City, has promoted sive and efficient methodology, operations. He has over 25 years program, with the goal of pro- Shay Johansen to chief operating taught in part by subject matter of experience in insurance com- viding books for every pediatric officer and Brian Stewart to vice patient ages 6 months to 5 years experts affiliated with EDCUtah. EXPANSIONS pany underwriting and operational president of multi-family con- who comes to an Intermountain EDCUtah’s Community Strategy • Health Catalyst Inc., a roles. struction. As COO, Johansen leads clinic. Throughout the five-year team assists members through the Salt Lake City-based provider of First National Title Insur- all day-to-day • five stages of economic devel- data and analytics technology and partnership, Altabank will also functions that ance Co. (FNTI), a Texas-based opment preparedness, includ- services to healthcare organiza- provide opportunities for its support opera- title insurance underwriter, has ing Community Assessment, tions, has entered a multi-year employees and customers to par- tions at Pentalon expanded into Utah by adding Planning, Community Marketing, partnership with Middle East ticipate in additional volunteer and Construction, Kristen Jorgensen to its western outreach efforts to support child- Training and Preparation, and Healthcare Co. to service six including legal, region as agency representative. hood literacy. For example, during EDCUtah Integration and Support. Saudi German Hospitals in the risk, human Jorgensen is a 12-year veteran in the holidays, Altabank will hold a Kingdom of Saudi Arabia. The resources, IT the title industry working on the book drive to encourage children ECONOMIC professional services component and account- agency side as an escrow assis- to donate their favorite book for a Shay Johansen of the partnership with hospital ing. Johansen INDICATORS tant, officer, and manager with a child of the same age to enjoy. Daggett County owner and operator MEAHCO has been in • leads all national title company. FNTI now will be implemented by Topmed, construction Utah counties that have experi- operates in nine states. RECOGNITIONS the greatest amount of a Dubai-based healthcare improve- for over 40 enced • Bill Wyatt, executive income growth ments firm, as Health Catalyst’s years and came during a five-year director of the Salt Lake City exclusive partner for in-region MANUFACTURING to Pentalon in period, according to an analysis Department of Airports, has been optimization consulting. • United Radio has 2001 after suc- by financial technology company named the 2020 Director of the SmartAsset, which studied pre- announced an expansion of its cessfully run- remanufacturing operations to Year in the large-airports catego- ning his own COVID data from the U.S. Census HEALTHCARE ry by Airport Experience News. Brian Stewart the western United States and it business. He Bureau’s American Community • EAssist Dental Solutions Wyatt began Survey. Daggett was followed, Inc., a Lehi-based provider of vir- will operate a repair and distribu- started at Pentalon as a proj- tion center in Salt Lake City as serving at the in order, by Millard, Summit, tual insurance and patient bill- Salt Lake City ect manager and most recently part of its strategic growth plans. Wasatch, Salt Lake, Weber, Utah, ing services for dental offices, Department functioned as the vice president The company is negotiating to of construction for Pentalon. Tooele, Beaver and Washington has established the eAssist Dental of Airports acquire a 45,000-square-foot facil- Stewart directly oversees the com- counties. Details are at https:// Health Education Foundation, a in November ity and plans to be operational by pany’s project management teams smartasset.com/taxes/utah-pay- nonprofit organization to educate 2017. He is Dec. 15. The company expects to and leads Pentalon’s forecasting, check-calculator#utah/income. patients on the importance of hav- responsible scheduling and project review ing their teeth cleaned on a regular hire 30 employees and is looking Bill Wyatt for SLC along efforts. He also provides legal EDUCATION/TRAINING basis to eliminate oral inflamma- for people skilled in electronics support, risk assessment and train- • ULI (Urban Land tion and prevent myriad health repair, warehouse operations and see BRIEFS next page ing. Stewart has been in construc- Institute) Utah is seeking men- issues exacerbated and caused by administrative work. United Radio The Enterprise - Utah's Business Journal • November 9-15, 2020 • 7 Industry Briefs

founder-led businesses “thrive, brewer;BEST and executive KEPT chef Susan support. He most recently was from previous page even in the face of unprecedented Beck. the vice president of global com- challenges.” Tower Arch Capital SECRET IN petency practices at Teradata. He with two reliever airports. He has been listed both years. SPORTS has been in the software and con- • USANAUTAH., a Salt Lake City- previously spent 16 years as the • Shopping Cart Monitor, sulting industry for over 25 years. basedWire health rope supplements is where compa- we executive director of the Port of the web skimming prevention Michael Gephart is executive ny, has gained naming rights to the Portland, where he oversaw four product of SecurityMetrics, started. vice president of sales and alli- U.S. Ski & Snowboard Center marine terminals, two general Orem, has been named a Gold One of the largest shops ances and will manage teams in of Excellence training facility in aviation airports and Portland winner in the “Monitoring and in the Intermountain APAC, EMEA, and the Americas. Bill Dykes Lori Hunt Park City through 2023. Financial International Airport. Testing Innovation” category in West. Slings made He previously spent over eight terms were not disclosed. USANA of executive vice president of • Derrick Porter, CEO of the 2020 Golden Bridge Business years at Amazon Web Services in willto work your closely specifications. with U.S. Ski & operations of SkyWest Airlines Beauty Industry Group, Salt Lake and Innovation Awards. The multiple alliance and sales roles, SnowboardOur staff’s sporthas scienceover 60 staff and will oversee the in-flight, air- City, was named one of the 100 Golden Bridge Awards recognize and spent 10 years as a manage- and yearsthe organization of experience.’s top skiers port operations, flight operations, Most Intriguing Entrepreneurs and honor the world’s best in ment consultant at Deloitte and and snowboarders on new prod- safety and operations control at Goldman Sach’s 2020 organizational performance, prod- a boutique firm acquired by NTT uct research and areas for devel- divisions of the airline. Wooley Builders+Innovations Summit. ucts and services, innovations and Data. Angel Lange is vice presi- opment. USANA and U.S. Ski has more than 25 years of avia- Beauty Ind- more. SecurityMetrics also won dent of finance. She has over 20 & Snowboard first teamed up in tion and operations leadership ustry Group is a Bronze in the “Best Service to years of experience in finance 2011, when USANA became the experience, most recently as vice a holding com- Combat and Reduce the Impact and management, including organization’s official nutritional president of airport operations pany that owns of COVID-19” category. Its free positions at MasterControl, EY, supplement, vitamin and minerals for SkyWest. The airline will and operates Cybersecurity Hotline was and UnitedHealthcare, Volkswagen continues to be available for busi- partner. and Morgan Stanley. Ben update certain operating leader- brands within ship roles. Sonya Wolford will the beauty in- nesses facing cybersecurity issues Lieberman is vice president of amid the additional challenges of human resources and people. He become senior vice president of dustry. Prior in-flight and Tracy Gallo will to his tenure COVID-19. has extensive expertise in talent Derrick Porter We carry more than become senior vice president of at BIG, Porter • Utah.gov, Utah’s official acquisition. Kaitlin Hartshorn flight operations. Bill Dykes will built and operated Porter Brown website, has received a WebAward heavy construction is director of legal affairs. She become senior vice president of Distribution, a third-party logis- for Outstanding Achievement in joined Protegrity in 2017. Prior equipment. maintenance. Lori Hunt, vice tics company with facilities in Web Development from the Web to that, she served as the assistant president of people, will succeed Texas, Colorado and Utah. His Marketing Association. The Light equipment in general counsel at Health Care Wooley as vice president of air- education includes a B.S. in Utah Department of Technology stock. Mixers, saws, Navigator. port operations. technical sales from Weber State Services and NIC Utah, the pumps, generators, • Patriot Rail Co. LLC, an University. state’s partner in developing TRANSPORTATION operator of short-line and region- • Three finalists have been digital services, were recognized jumping jacks, and • SkyWest Inc., a St. George- al freight railroads, rail servic- selected for the 2020 Utah for Utah.gov and the digital ser- much more. based holding company for Leopold Conservation Award, vices that help Utahns interact SkyWest Airlines and SkyWest es and integrated port logistics which recognizes farmers, ranch- with government from anywhere. Leasing, has announced sev- companies, has agreed to acquire ers and foresters “who inspire Utah.gov was also recently named eral leadership changes. Mike short-line operator Salt Lake others with their dedication to one of the top digital government Thompson will retire as chief Garfield & Western Railway land, water and wildlife habitat experiences in the U.S. by the operating offi- (SLGW) and its related entities Center for Digital Government cer after near- Caballero LLC and Caballero management on private, work- ing land.” The finalists are Half during the 2020 Government ly 20 years 2 LLC, storage and transload Circle Cross Ranch of Coalville Experience Awards. The state’s with SkyWest service providers. Financial official website was recognized Airlines. With in Summit County; Myrin TECHNOLOGY/LIFE terms were not disclosed. The Ranch of Altamont in Duchesne for its innovative features and Thompson’s transaction is subject to custom- official chatbot, Porter, which SCIENCES departure, Greg ary closing conditions and regu- County; and Yardley Cattle Co. • Protegrity, a Salt Lake City- continues to help address citizens’ Wooley will latory approvals. A family-oper- of Beaver in Beaver County. The based company focused on data COVID-19 needs. Utah placed Greg Wooley assume the role ated business, Salt Lake City- award recipient will be formally security, has hired several mem- second in the overall state govern- based SLGW has added both presented with $10,000 and a bers of its senior leadership team. ment experience category, mark- track and transload services over crystal award Nov. 20 at the Utah Jeffrey Breen is executive vice ing the state’s eighth appearance the past few years and has plans Farm Bureau Federation’s Annual president of product and strategy. in the top three in the last decade. to expand in 2021. In continuous Convention in Provo. The award He is an experienced technology is presented annually by Sand executive who has spent his career operation for over 125 years, County Foundation, American RESTAURANTS helping companies derive busi- SLGW currently handles more Farmland Trust, Utah Farm • Ogden River Brewing has ness value through the adoption of than 6,000 loaded railcars annu- Bureau Federation, Western opened its doors in Ogden. The new technologies and analytical ally within its 26-mile line. AgCredit and Utah Cattlemen’s 250-seat gastropub has a 10-bar- techniques. Breen joins Protegrity Sonya Wolford Tracy Gallo Association. rel working brewery, two massive from global investment manager • USANA Malaysia has, for patios including a rooftop bar and Grantham, Mayo, Van Otterloo & the second consecutive year, been lounge space with unobstructed Co., where he built the firm’s data recognized as the top combina- views of both the Ogden River science team and platform. He has tion dietary supplements brand and the Wasatch Front. Originally held leadership roles at Teradata, in that country by Euromonitor the brainchild of head brewer Pat Think Big Analytics, Atmosphere Why share? International. The award is Winslow, the project initially Research Group, Yankee Group, based on Euromonitor’s market got off the ground with crowd- and Forrester Research and is research of USANA’s retail value sourced funds from a success- an active advisor and investor to share among all supplement ful Kickstarter campaign which firms in analytics, AI and fintech. Get your own copy! brands in Malaysia. raised over $30,000. Bryan Bridget Quinlan is executive Why share?Why Get share? your own copy! • Tower Arch Capital, Wrigley of Lotus Co. later got vice president of marketing and Draper, has been recognized involved. Others on the team are growth strategies and has exten- on the second annual Private Doug Hofeling, president of hos- sive experience in B2B market- ToGet Subscribe your own copy! Equity 50 list, compiled by Inc. pitality and former chief operating ing. Eliano Marques is execu- Call: 801-533-0556 Magazine and recognizing the officer of Squatters and Wasatch tive vice president of data and top 50 founder-friendly private Pubs & Beers; Patrick Bourque, AI. He previously held positions orTo go Subscribe online to: equity investment firms with a director of brewing for Lotus at Emirates Group, Deloitte and Call: 801-533-0556 “successful track record of back- Craft and former head brewer for Teradata. Scott Fleming is execu- slenterpirse.com ing entrepreneurs” and helping Uinta; Landon Jeffrey, assistant tive vice president of services and or go online to: slenterpirse.com 8 • November 9-15, 2020 • The Enterprise - Utah's Business Journal Succeeding in Your Business Getting 'cold comfort' when joining a startup “I’m thinking about join- may have signed with the previ- ing a new web-based business ous company. where I would be one of three Second, you want to be sure founders. The other two found- that you will not be required to ers came from a pre- personally guarantee vious company that’s the bank loan that will being liquidated, and fi nance the startup. By the startup is buying doing so, you will be the assets of the pre- putting all of your per- vious company with sonal assets — your the proceeds of a bank house, your bank ac- loan. The loan money CLIFF counts, everything — at will be used to cash ENNICO risk if the startup fails. If out the other owners the other two founders of the previous compa- insist you guarantee the ny who are not joining the new startup’s bank loan, walk away. startup, but as part of the deal The third concern has to do the new startup will be assum- with taxes. ing some debt that had been held I assume you will receive by the previous startup. sweat-equity shares in the startup “What sort of legal due dili- as a reward for the knowledge, gence should I do before getting experience and services you will involved with this startup?” be expected to provide, and that There are a number of is- you won’t be paying cash for your sues here. shares. Normally, in a startup sit- To some extent, this is a uation, you won’t incur much family business: Although the of a tax liability upon receiving other two partners may or may these founders’ shares, because a not be related by blood, they startup is deemed to be basically are joined at the hip somewhat worthless. Thus, the shares have because of their involvement no value. with the previous company. As- But this situation is differ- suming they will own the ma- ent: The startup will be acquiring jority of the shares and that you the assets of the previous com- will be a minority partner, you pany and so will have a value on are likely to be the odd person the date it is incorporated. Un- out when decisions need to be less you pay something for your made. shares, you will be taxed at ordi- One of the oldest rules in nary income rates (currently as the small-business world is nev- high as 40 percent) on the value er join a family business unless of your shares because they will you are a member of the fami- be considered compensation for ly or marrying into it. Ask some your labor. Since this is a startup, tough questions about the role the company will probably not be you will be playing in the com- able to reimburse you for the tax- pany, and make sure you don’t es you pay, so you will be stuck end up the person who has to with that liability. mediate between the two other There’s a silver lining here founders when they disagree. in that the startup will not only Legally speaking, there are be buying the previous com- three things you need to be con- pany’s assets but also assuming cerned about. some debt that it owed to credi- First, you should make sure tors. If the amount of the debt ex- there has been full disclosure ceeds the value of the assets be- that the two founders are own- ing purchased from the previous ers of the new startup. They may company, then the startup will be Rethink the office. have been bound by a noncom- deemed worthless and you will pete or other restrictive agree- not have to pay taxes when you ment with the previous compa- receive your founders’ shares. ny that will need to be waived This means that someone once the acquisition is complet- will need to tell you — in writ- ed. If they have not disclosed ing — that the amount of debt the their involvement with the new startup assumes is greater than startup, someone (preferably the value of the assets it is acquir- their attorney) will need to give ing from the previous company. www.mwciutah.com | 801.359.7681 | @mwciut you a letter saying that their in- I would not accept such a “cold volvement in the startup does not violate any agreement they see ENNICO page 13 The Enterprise - Utah's Business Journal • November 9-15, 2020 • 9 Calendar

Calendar listings are provided Virtual participation is also avail- nor and currently serving on the Nov. 12, 6-8 p.m. Nov. 17, 8 a.m.-4 p.m. as a free service to our read- able. Cost is $250. Details are Salt Lake County Council; Ally “Business Essentials,” a “Leading People, Projects ers. Information about upcoming at http://www.slcc.edu/workforce/ Isom, chief strategy and market- Small Business Development and Processes,” part of the events may be sent to brice@ courses/index.aspx. ing officer at Attostat; and Denise Center (SBDC) event that takes Salt Lake Community College slenterprise.com. The submission Linberg, former judge of the 3rd deadline is one week before pub- place online. Details are at https:// Frontline Leader Workshop Series lication. NOTE: Because of con- Nov. 10, 8-9 a.m. District Court of Utah. Event takes clients.utahsbdc.org/events.aspx. that will feature a review of key cerns with the coronavirus, events Speaker Series, an ACG place online. Free. Registration project management principles listed here may be postponed or (Association for Corporate can be completed at Eventbrite. Nov. 13, 7-11:45 a.m. while learning processes for effec- canceled. Check with organizers Growth) Utah event. Speaker is com. Annual Fall Business Con- tive team leadership and how to to determine if individual events Sam Malouf, president and CEO ference, a ChamberWest event communicate and set guidelines to are taking place. of Malouf. Event takes place Nov. 11, noon-1 p.m. originally scheduled for Sept. 16 track progress. Location is SLCC’s online via Zoom. Free for mem- Cybersecurity Leadership and featuring two keynote pre- Westpointe Campus in Salt Lake Nov. 9-11 bers, $10 for nonmembers. Details Council Fall Conference Work- sentations and city updates from City. Virtual participation is also Utah Life Sciences Summit, are at https://www.acg.org/utah/ shop titled “Securing Devices at the mayors of West Valley City, available. Cost is $250. Details a BioUtah event that takes place events/november-10-speaker- Home and Work 2.0,” a Salt Lake Taylorsville and West Jordan. at http://www.slcc.edu/workforce/ online. Featured speakers are series-sam-malouf. Chamber event that takes place Speaker Robert Spendlove, eco- courses/index.aspx. Paul Perreault, CEO and man- online. Free. Details are at slcham- nomic and public policy offi- aging director, CSL Behring; ber.com. cer at Zions Bank, will discuss Nov. 17, 8:30-9:30 a.m. Dr. Jeffrey Shuren, director Nov. 10, 8 a.m.-3 p.m. Women & Business Con- “Adjusting to Uncertainty.” “Go Before You Go: Poop of the Center for Devices and ference and Athena Awards Speaker Maj. Gen. Jefferson and Public Lands,” part of the Radiological Health, U.S. Food Nov. 12-13 Luncheon, presented by the 2020 Executive Summit, Burton, U.S. Army (retired) and Summit Speaker Series presented and Drug Administration (FDA); Salt Lake Chamber and the a Utah Valley Chamber event former adjutant general of the by the Utah Office of Outdoor and Dr. Peter Marks, direc- Women’s Business Center of featuring keynotes and rapid- Utah National Guard, will dis- Recreation, in partnership with tor of the Center for Biologics Utah. Activities include presenta- fire updates from areas of vital cuss “Thriving in the Extreme.” Snowsports Industries America, Evaluation and Research at the tions of the Athena Award and importance to businesses and the Location is the Salt Lake County the Economic Development FDA. Cost is $300 for entire con- Pathfinder Awards. Location is community. Activities take place Viridian Event Center, 8030 S. Corporation of Utah and the Utah ference, $150 for individual days. Grand America, 555 S. Main St., 9-11:30 a.m. each day. Event takes 1825 W., West Jordan. In-person Outdoor Association. Speakers will Registration can be completed at Salt Lake City. Cost is $150 for place online. Registration through registration (limited to 100) costs discuss why it is a problem, com- https://whova.com/portal/registra- in-person ticket, $55 for virtual Nov. 11 is $275 for members, $125. Virtual registration costs munication strategies currently in tion/ulss_202010/. ticket. Details are at slchamber. $325 for nonmembers. Details are $75. Details are at chamberwest. use and takeaways to implement com. at thechamber.org. com or (801) 977-8755. in your communities. Speakers Nov. 9-13 include Hope Braithwaite, assis- “Utah STEM Fest’s Virtual Nov. 13, 7:45-9 a.m. tant professor for watershed qual- Week of STEM,” hosted by the Nov. 10, 8:30 a.m.-1 p.m. Nov. 12-13 32nd annual Parsons Behle Employment Law Update Women in Business Net- ity with Utah State University; and Utah STEM Action Center and cel- & Latimer Employment Law Conference, an Employers working, an Ogden-Weber Bekee Hotze, Forest Service dis- ebrating the integration of STEM Seminar. Keynote speaker is Council event featuring experts in Chamber of Commerce event. trict ranger for the Uinta-Wasatch- education in Utah; sharing the Steven Newman, former CEO employment law providing prac- Location to be determined. Free Cache National Forest, Salt Lake impact that science, technology, of Transocean Ltd., the owner tical, timely and critical advice for WIB members. Details are at Ranger District. Event takes place engineering and mathematics has of the Deep Water Horizon off- to minimize liability. Event takes ogdenweberchamber.com. online Free. Registration can be on the community; and inspiring shore drilling rig involved in the place online. Cost is $329 for live completed at Eventbrite.com. people to make a difference in the Macondo Well tragedy in 2010. conference (members pay $229), future. Students, educators, and Nov. 13, 8-9 a.m. Newman will discuss effective cost for live conference and access WOW Women Training Nov. 17, 9-10 a.m. parents may participate by visit- , pre- steps employees should take in to session recordings for 30 days is 2020 Tourism Fall Forum, a ing utahstemfest.com during the sented by the Women’s Business preparation for, and while in the $379 (members pay $279). Details Center of Utah in partnership with Park City Chamber of Commerce week to engage in fun, educational middle of, a crisis. Event takes are at employerscouncil.org. wowwomen.biz. Speaker Jennie Convention & Visitors Bureau activities and additional STEM- place online. Cost is $75. Details Hendricks will discuss “Why event, in partnership with Park related content organized by the are at parsonsbehle.com/emp- CRMs are More Important Than City Television. Activities Utah STEM Action Center as well Nov. 12, 8 a.m.-1:45 p.m. seminar. Annual Women In Business Ever.” Event takes place online. include a presentation by Jennifer as local STEM organizations. Summit, a Davis Chamber of Free. Details are at wbcutah.org. Wesselhoff, new chamber/bureau Activities take place online. Commerce event. Speakers are CEO; a keynote by Bill Wyatt, Details are at https://utahstemfest. Nov. 11, 9 a.m.-4 p.m. 2020 UMA Manufacturing Mary Crafts, founder of Culinary executive director of Salt Lake com/. Nov. 13, 9-10:30 a.m. Conference, a Utah Manufacturers Crafts; Becky Andrews, owner Fall 2020 Nubiz Symposium, City International Airport; tourism Association event with the theme of Resilient Solutions Inc.; and an Ogden-Weber Chamber updates from the chamber/bureau Nov. 10-11 “People, Process, Performance.” Deidre Henderson, member of the of Commerce event. Theme is marketing team; and a Q&A ses- 2020 HIT Conference. pre- Attendees will learn best prac- Utah Senate. Location is Davis “Customer Service Perspectives sion with Mike Goar of Park City sented by UHIN and focusing tices in continuous improvement, Conference Center, 1651 N. 700 in B2B and B2C Environments.” Mountain Resort and Todd Shallon on tech and data solutions that sales and marketing, and devel- W., Layton. Cost is $65 for cham- Speakers include Jill Calton, UMB of Deer Valley Resort. Event takes connect the healthcare commu- oping high-performing teams ber members, $85 for nonmem- Fund Services; Matt Wardle, JD place online. Details are at https:// nity. Keynote presenter is Dr. Ajit from industry experts. Keynote bers. Details are at davischam- Machine; Tara Lindstrom, Jamba www.visitparkcity.com/members/ Singh, former CEO of Siemens speaker Don Rheem will discuss berofcommerce.com. & Pielogy; and Justin Kallis, chamber-bureau-events/rsvp/. Oncology & IS. Event takes place “Creating Emotional Velcro with Sam’s Club. Event takes place online. Details are at https://uhin. Your Employees.” Event also Nov. 12, noon online via Zoom. Free for Ogden- Nov. 17, 11:30 a.m.-1 p.m. org/community/uhin-stage/events/ will feature awards presentations. “Fast Break: Fresh Insights Weber Chamber of Commerce Business Alliance Network- hit-2020/. Event takes place online. Cost is into Value-Based Healthcare,” members, first-time guests, stu- ing Luncheon, a Davis Chamber $50 for UMA members, $100 for presented by the David Eccles dents and faculty. Details are at of Commerce event. Location is Nov. 10, 8 a.m.-4 p.m. nonmembers. Details are at https:// School of Business at the ogdenweberchamber.com. Oakridge Country Club, 1492 “Leading People, Projects umaweb.org/2020conference/. University of Utah. Speakers Sara Shepard Lane, Farmington. Free. and Processes,” part of the Singleton, D.C.-based principal Nov. 16, 4-8 p.m. No RSVP required. Details are at Salt Lake Community College Nov. 11, noon-1:15 p.m. at Leavitt Partners, and Vince 15th Annual Wasatch Front davischamberofcommerce.com. Frontline Leader Workshop Series Fall Women’s Leadership Ventimiglia, president of Leavitt Materials Expo, a Utah SAMPE that will feature a review of key Forum, a Utah Women & Partners Collaborative Advocates, Chapter event originally sched- Nov. 17, 11:30 a.m.-1 p.m. project management principles Leadership Project event. Theme is will discuss “Analyzing the uled for March 25. Location is Women in Business Lunch- while learning processes for effec- “Feeling Like a Fraud: Navigating Impact of the U.S. Elections on Salt Lake Community College’s eon, an Ogden-Weber Chamber tive team leadership and how to Perfectionism and Impostor Healthcare.” Event takes place Miller Campus, Karen G. Miller of Commerce event. Location to communicate and set guidelines Syndrome as Women.” Panelists online. Free. Registration may be Conference Center, 9750 S. 300 to track progress. Location is are Aimee Winder Newton, former completed at eccles.link/value- W., Sandy. Free. Registration can SLCC’s Miller Campus in Sandy. 2020 candidate for Utah gover- health. be completed at Eventbrite.com. see CALENDAR page 11 10 • November 9-15, 2020 • The Enterprise - Utah's Business Journal Top year-end 2020 tax planning ideas for businesses and business owners Year-end tax planning for for non-corporate taxpayers with $1,040,000 and the beginning-of- machinery and equipment bought Accelerate and pay 2020 takes place against the back- qualifi ed business income from phaseout amount is $2,590,000. and placed in service in 2020 2020 employee bonuses drop of legislative changes that pass-throughs. This year, we’ve These limits will be adjusted for in- qualifi es for a 100 percent bonus Generally, accrual basis em- occurred in late 2017 from The seen loan assistance programs to fl ation in 2021. The expensing de- fi rst-year depreciation deduction. ployers want to incur the liability Tax Cuts and Jobs Act (TCJA) and get cash into businesses and under duction can be claimed regardless Additionally, as a result of the for bonuses and have it deductible a number of the CARES of how long the property is held TCJA, the additional fi rst-year for the current year and then pay tax provisions Act, new tax during the year. Therefore, prop- depreciation deduction may be the bonuses to employees the fol- for small bus- credits to off- erty acquired and placed in service claimed for used as well as new lowing year, so that employees re- inesses under set the costs in the last days of the tax year, property. Bonus depreciation de- port the income the following year the Coronavi- to retain em- rather than at the beginning of the duction is permitted without any if they are cash method taxpayers. rus Aid, Relief ployees. following year, can result in a full proration based on the length of However, with the possibility of and Economic Here are expensing deduction for the earli- time that an asset is in service future tax rate increases, employ- Security Act a few ideas er year. Also, recall that the TCJA during the tax year. As a result, ees may be wanting their bonuses (CARES Act). CAMERON TINA that business expanded the defi nition of section paid in 2020, instead of in 2021. COLE MEYERS a 100 percent write-off may be For busi- owners can 179 property to include qualifi ed claimed even if qualifying assets Bonuses paid to sole proprietors, nesses, the Tax implement improvements to nonresidential are in service for only a few days LLC members and partners aren’t Cuts and Jobs Act (TCJA) cut the before 2020 winds down: real property, which means certain in 2020. The limit on annual de- deductible, because the owners of corporate tax rate to 21 percent, Take advantage of the improvement to a building’s inte- preciation deductions for passen- these types of businesses are con- the corporate alternative mini- business expensing election rior and for improvements such as ger autos (including trucks, vans, sidered self-employed. mum tax (AMT) is now gone, (Section 179 election) roofs, HVACs, fi re protection sys- and electric automobiles) which Split business income there are new limits on business For qualifi ed property placed tems, alarm systems and security bonus fi rst-year depreciation de- with family members interest deductions and the law in service in tax years beginning systems. duction applies are extra-gener- A business owner can split signifi cantly liberalized expensing in 2020, the maximum amount Take advantage of ous now. Heavy vehicles, such business income by gifting fam- and depreciation rules. The TCJA that may be expensed under the “bonus” depreciation as SUVs, pickup trucks or vans ily members an interest in the also introduced a new deduction Code Sec. 179 dollar limitation is Most new, as well as used, — those that are built on a truck business. An S-corporation busi- chassis and are rated at more than ness owner can gift non-voting shares without giving up control. 6,000 pounds gross (loaded) vehi- A C corporation business owner cle weight — are exempt from the can gift common stock, preferred luxury-auto dollar caps because stock or debt securities if the cap- they fall outside of the defi nition ital structure of the corporation of a passenger auto. Thus, thanks permits. If the business is a part- to 100 percent bonus depreciation nership or an LLC taxed as a part- under Code Sec. 168(k), the en- nership, a partner can gift a por- tire cost of a heavy vehicle bought tion of a partnership interest. in 2020 and used 100 percent for Children can work for the business may be deducted this family business. Placing the child year. on the business payroll enables Maximize the pass-through the child to make deductible IRA business income deduction contributions. Putting children (Section 199A deduction) to work may also help avoid the Through 2025 a new deduc- kiddie tax, which has now been tion is available equal to 20 per- restored back to the parent’s in- cent of qualifi ed business income dividual marginal income tax from partnerships, S corporations rate. (The TCJA had previously and sole proprietorships. The changed the kiddie tax rules to heart of planning for this deduc- use the trust and estate tax income tion is managing taxable income tax rates.) The kiddie tax only ap- and for those in a non-specifi ed plies to children whose earned in- service trade or business, manag- come does not exceed one-half ing the wage/capital limitation. To the amount of their support. Put- reduce taxable income below the ting children on the family payroll threshold amount, a few ideas to may increase their earned income consider are making pension plan to an amount more than one-half contributions, increasing payroll, their total support, thus, exempt- accelerating business expenses, ing their unearned income from recognizing losses, avoiding rec- the kiddie tax. ognizing gains and making chari- The CARES Act provided table contributions. If you are in several signifi cant tax-savings op- a non-specifi ed service trade or portunities. Don’t forget to take Keep your business'a andnd y yourour business, but you exceed the in- advantage of previous tax pro- customer's informationon s safeafe come limitations and thus are sub- visions of the TCJA and the SE- ject to the additional W-2 wage CURE Act that could provide by shredding documentsents and capital (qualifi ed property) additional cash needed for busi- with NAID-certified limitation, you should consider nesses. These are just a few op- pprofessionals. making additional qualifi ed capi- tions businesses have to consider tal purchases or increasing wages in year-end planning. to increase your available QBI de- Cameron Cole is the Key Private duction. Future tax changes could Bank Sales Leader in Utah. Tina have this deduction phase out for Myers is a Financial Team Lead at https://rmshred.com higher earners. Those that are Key Private Bank. pass-through entities that would Any opinions, projections or recommen- be impacted by a phase-out may dations contained herein are subject to consider starting conversations change without notice and are not intended regarding whether C corporation as individual investment advice. This ma- status would be more benefi cial if terial is presented for informational pur- poses only and should not be construed as they weren’t eligible for the busi- individual tax or fi nancial advice. KeyBank ness income deduction. does not provide legal advice. The Enterprise - Utah's Business Journal • November 9-15, 2020 • 11

CALENDAR Nov. 18, 5-7 p.m. online. Details are at https://cli- how Santa juggles employees, Dec. 4, 1:30-3:30 p.m. “Business After Hours,” ents.utahsbdc.org/events.aspx. equipment, facilities, resources Holiday Social, a South from page 9 an Ogden-Weber Chamber of and production, with 10 practi- Jordan Chamber of Commerce Commerce event. Location is Nov. 19, 6-7 p.m. cal strategies that can be used all event. Location is Market Street be determined. Cost is $20 for Ogden Eccles Conference Center, Intellectual Property Clinic, year long. Location is Salt Lake Grill, 10702 S. River Front members and first-time guests, 2415 Washington Blvd., Ogden. a Small Business Development Community College’s Westpointe Parkway, South Jordan. Details $30 for nonmembers. Details are Free for chamber members and Center (SBDC) event. Location Campus in Salt Lake City. Cost is are at https://www.southjordan- at ogdenweberchamber.com. first-time guests, $10 for non- is the Orem/Provo SBDC at Utah $150. Details are at http://www. chamber.org/events. members. “The Nightmare Before Valley University. Details are slcc.edu/workforce/courses/index. Nov. 18, 7:30-11 a.m. Christmas” movie at Peery’s at https://clients.utahsbdc.org/ aspx. Dec. 8, 8 a.m.-4 p.m. “Leadership Development,” Egyptian Theater begins at 7 p.m., events.aspx. “Change Management for part of the Fall 2020 Leadership with BOGO tickets costing $6.50. Dec. 2, noon-3 p.m. Managers,” part of the Salt Lake Series presented by Davis Details are at ogdenwebercham- Nov. 20, 8-9 a.m. Deal Forum, a Venture- Community College Frontline Technical College’s employer ber.com. WOW Women Training, Capital.Org event featuring entre- Leader Workshop Series. and continuing education team presented by the Women’s preneurs pitching their startups to Attendees will gain tools to effec- and Ames Leadership Institute Nov. 18, 5:30-6:30 p.m. Business Center of Utah in part- a panel of active investors. Event tively plan for and manage the and continuing through Jan. 27. QuickBooks Workshop, nership with wowwomen.biz. takes place online. Registration impact of change to their teams Location is the Davis Technical a Small Business Development Speaker is Vanessa Harris. Topic can be completed at Eventbrite. and organizations. Location is College, Simmons Building, 450 Center (SBDC) event that takes to be determined. Event takes Salt Lake Community College’s place online. Details are at https:// Simmons Way, Kaysville. Cost is place online. Free. Details are at Dec. 2, 3:30-5 p.m. Miller Campus in Sandy. Cost is $175 per class (Custom Fit cost clients.utahsbdc.org/events.aspx. wbcutah.org. “Business Connections,” a $250. Details are at http://www. is $88), $600 for a bundle of four ChamberWest event taking place slcc.edu/workforce/courses/ classes (Custom Fit cost is $300). Nov. 19, 7:45 a.m.-5 p.m. Nov. 25, 7:30-8:30 a.m. online. Free, but registration is index.aspx. Details are at davischamberof- Employer Tax Workshop, Coffee Connection, a Hol- required. Details are at chamber- commerce.com. a Small Business Development laday Chamber of Commerce west.com. Dec. 8, 5-7 p.m. Center (SBDC) event. Location event. Location is Kokopellis Business Women’s Forum: Nov. 18, 8:30-9:15 a.m. is Salt Lake Community College Koffee House, 3955 S. Highland Dec. 3, 7:30-9 a.m. Winter Mixer. Location is “Affecting Air Quality with SBDC, Building 5, MCPC 101, Drive, Holladay. Details are at Hilton Garden Inn Salt Lake City Morning Speaker Series, Your Recreation Actions,” 9750 S. 300 W., Sandy. Cost is holladaychamber.com. Downtown, 250 W. 600 S., Salt an Ogden-Weber Chamber of part of the Summit Speaker $15. Details are at https://clients. Lake City. Cost is $50 for mem- Commerce event. Location is Series presented by the Utah utahsbdc.org/events.aspx. bers, $60 for nonmembers. Event Nov. 25, noon-1 p.m. Weber Center, 2380 Washington Office of Outdoor Recreation, Cybersecurity Leadership limited to 60 people. Details are Blvd., Ogden. Free for chamber in partnership with Snowsports Nov. 19, 8-10 a.m. Council Fall Conference Work- at slchamber.com. members and first-time guests. Industries America, the Economic “Dear Competitor: Our shop titled “The Future of Details are at ogdenwebercham- Development Corporation of Utah Website is Better Than Yours,” Connected Devices 2.0,” a Salt ber.com. Dec. 9, 7:30-11 a.m. and the Utah Outdoor Association. part of the Business Recovery Lake Chamber event that takes “Emotional Intelligence,” Speaker is Thom Carter of Utah Series presented by Davis place online. Free. Details are at part of the Fall 2020 Leadership Clean Air Partnership (UCAIR). Technical College, in partnership slchamber.com. Dec. 3, 6-8 p.m. Series presented by Davis Event takes place online Free. with Davis County and the Davis “Start Smart” Clinic, a Technical College’s employer Registration can be completed at Chamber of Commerce. In-person Small Business Development and continuing education team Eventbrite.com. Dec. 1, 11:30 a.m.-1 p.m. and virtual classes are available. Business Alliance Network- Center (SBDC) event that takes and Ames Leadership Institute In-person class location is the ing Luncheon, a Davis Chamber place online. Details are at https:// and continuing through Jan. 27. Nov. 18, noon-1 p.m. Business Resource Center, 450 of Commerce event. Location is clients.utahsbdc.org/events.aspx. Location is the Davis Technical Cybersecurity Leadership Simmons Way, Kaysville. Cost for Business Resource Center, 450 College, Simmons Building, 450 Council Fall Conference the series is $150. Cost for indi- Simmons Way, Kaysville. Free. Dec. 4, 11:30 a.m.-1 p.m. Simmons Way, Kaysville. Cost is Workshop titled “Securing vidual classes is $25. Details are No RSVP required. Details are at “Best of Holladay” Lunch, a $175 per class (Custom Fit cost Internet-Connected Devices in at http://davistech.edu/business- davischamberofcommerce.com. Holladay Chamber of Commerce is $88), $600 for a bundle of four Health Care 2.0,” a Salt Lake recovery. event featuring the third annual classes (Custom Fit cost is $300). Chamber event that takes place awards ceremony and chamber Details are at davischamberof- online. Free. Details are at Dec. 2, 8 a.m.-noon “Leadership Secrets of Santa holiday party. Location is Holladay commerce.com. slchamber.com. Nov. 19, 6-7 p.m. Legal Clinic, a Small Bus- Claus,” a Salt Lake Community City Hall, Big Cottonwood Room, iness Development Center College Employee Development 4580 S. 2300 E., Holladay. Details see CALENDAR page 13 Nov. 18, noon-1 p.m. (SBDC) event that takes place workshop. Attendees will learn are at holladaychamber.com. “Solve the Business Puzzle,” a Women’s Business Center of Utah event. Speaker Lynn Smargis of Write For You will discuss “Learn and Leverage LinkedIn.” Event takes place online. Free. Details are at wbcu- tah.org.

Nov. 18, 1-3 p.m. “How to Raise Money: Navigating Due Diligence,” a VentureCapital.Org event. Cost is $20 through Nov. 12, $30 through Nov. 18. Event takes place online. Registration can be completed at Eventbrite.com.

Nov. 18, 3:30-5 p.m. “Business Connections and Bowling,” a ChamberWest event. Location is All-Star Bowling & Entertainment, 3601 S. 2700 W., Valley Fair Mall, West Valley The Prime Money Market Rate adjusts with the Wall Street Journal Prime Rate and can change monthly. Rate changes will take effect the month after a rate change. Prime Money Market floor rate is 0.30% APR. City. Cost is $15 for members, A minimum opening deposit of $20,000 that has not previously been held at UFCU is required to open a Prime Money Market account. Individual SSN, ITIN or FTIN is required to apply for a Prime Money Market $20 for nonmembers. Details are Account. Terms are subject to change and were last updated on 11/03/2020. Federally insured by NCUA. at chamberwest.com. 12 • November 9-15, 2020 • The Enterprise - Utah's Business Journal

ramifications could last well be- are hotel room stays. Mean- ple, Utah’s job-change figures in ment rate in eastern Utah has GOCHNOUR yond the end of the pandemic. while, the number of Salt Lake September were down 0.9 per- jumped because of the harmful from page 1 “This creates a major chal- City International Airport trav- cent from a year earlier, but the effects of the pandemic on the lenge in their professional ca- elers is only halfway back to U.S. total was down 6.4 percent. energy and tourism industries. reers and in their family finances what could have been expected Utah has been able to re- Utah’s natural resources sector Many of the people remain- as women step out of the labor without the pandemic. bound a bit from the pandemic has seen job numbers fall 11.6 ing at home are women, but force, lose seniority [and] take “Business travel will not recession, far earlier than has the percent from a year earlier and they’re not necessarily working away from their career trajecto- ever be what it was again, be- nation’s economy, she said. Utah the leisure/hospitality services for companies. Gochnour said ry,” Gochnour said. “It’s really cause we’ve adapted and in April was roughly where the sector has slipped 15.7 percent. many have left the workforce important for their families, but changed as a society, and this U.S. is now. The summit was supposed entirely because the pandemic it has a long-term impact on their will mean that there’s a dif- “It’s approximately where to take place both in-person and has been particularly hard on ability to earn.” ference in the demand for ho- the U.S. is today,” Gochnor said online but was switched to on- women and many of the occu- Commercial office space tel rooms,” Gochnour said. “It of the April situation in Utah. line-only at the last minute due pations that employ women, likewise is “really being chal- doesn’t mean that there won’t “So, at our very worst, seven to a virus surge. It was the first- including nursing, education, lenged through this pandemic” still be dramatic growth in ho- months later, the U.S. is there.” ever summit focused on both the flight attendants, food service and is seeing an acceleration of tels in the future, but it will be But the impacts have been economy and energy instead of workers and hotel service work- trends that already were under- less than it otherwise would uneven in Utah. The unemploy- being separate events. ers. way, she said. The number of have been.” It’s a “pink-collar reces- people eating at restaurants is The pandemic has led to a sion,” she said, hallmarked by down from a year ago; ordering recession that has been “sud- more women leaving the work- food online or over the phone is den, severe, uneven and long- vious company, the amount of force than joining it in April, ENNICO up. But restaurant reservations lasting,” Gochnour said. But debt being assumed by the start- and a similar surge in September are still 30 percent below what Utah nonetheless is faring from page 8 up exceeds the value of its assets when some children remained at they were in February. Restau- among the best states in the na- when all the dust settles. home for their schooling. The rant and bar sales are down, as tion economically. For exam- comfort letter” (so called because “The professional will al- the person writing the letter does most certainly hedge the opinion not state positively that the infor- by saying that a formal valuation mation is correct, only that noth- of the company was not under- ing has come to his or her atten- taken and that such a valuation tion to indicate it is not correct) might lead to a different conclu- from the two founders. This de- sion. But at least you will have termination will need to be made something to show the IRS if you by a professional (accountant, are ever audited and it claims you CPA or valuation analyst) at the owe tax on your shares. time the startup is formed. You should insist on receiv- Cliff Ennico (crennico@gmail. ing a “cold comfort letter” from com) is a syndicated columnist, author and former host of the PBS “Quanti able results and a proven ROI” the professional saying that, television series “Money Hunt.” based on a review of the startup’s financial condition on the date it COPYRIGHT 2020 CLIFFORD R. ENNICO acquires the assets from the pre- DISTRIBUTED BY CREATORS.COM DIGITAL Commerce event originally set UPDATES for Nov. 12, 8 a.m.-3 p.m., at SERVICES from page 1 the Davis Conference Center in Layton, will take place that al Celebration, originally sched- day, 8:30 a.m.-1:45 p.m. Cost is $65 for chamber members, $85 These days, converting online uled for Sept. 2 at the Maverik for nonmembers. Details are at visitors into paying customers Center in West Valley City, has davischamberofcommerce.com. takes more than a web presence. been postponed to a date to be It’s getting Google to rank you announced. The Annual Fall Business Content Marketing above your competitors. Below South Jordan Business and Conference, a ChamberWest are three key services we o er to Entrepreneurial Summit and event originally scheduled for get you noticed on the web: Expo, a South Jordan Chamber Sept. 16 and subsequently sched- Online Reviews Inbound Marketing of Commerce event originally uled for Nov. 13, 7:15 a.m.-3 We don’t just drive more visitors to your site, scheduled for April 29 and later p.m., will take place Nov. 13, but visitors ready to do business with you. rescheduled for Sept. 10 at the 7-11:45 a.m., at the Salt Lake Karen Gail Miller Conference County Viridian Event Center, Digital Reputation 8030 S. 1825 W., West Jordan. Google My Business Our exclusive software helps you quickly Center in Sandy, has been post- respond to any negative comments about poned until a date to be deter- Cost is $125. Virtual registration your business, and at the same time, build mined. costs $75. Details are at cham- more positive customer feedback. berwest.com or (801) 977-8755. Utah Veteran Business Local Marketing Conference 2020, a Utah Veteran The Business Alliance Our Online Marketing Guide simpli es Owned Business Partnership Networking Luncheon, a Davis taping into the 85% of consumers who event originally scheduled for Chamber of Commerce event conduct “local” online searches. May 8 at Salt Lake Community originally scheduled for Nov. College’s Miller Campus in 17, 11:30 a.m.-1 p.m., at the Sandy, has been postponed until Business Resource Center in To boost your website’s bottom line, contact us today! a date to be determined. Kaysville, now will take place at Oakridge Country Club, 1492 OTHER INFORMATION Shepard Lane, Farmington. Free. raycomtech.com 385-232-2464 Annual Women In Business No RSVP required. Details are at Summit, a Davis Chamber of davischamberofcommerce.com. The Enterprise - Utah's Business Journal • November 9-15, 2020 • 13

Provo and it now employs over JAZZ 3,000 people with more than two CALENDAR Salt Lake Community College’s an Ogden-Weber Chamber of from page 1 dozen offi ces in nine countries. from page 11 Westpointe Campus in Salt Lake Commerce event. Location is Upon closing of the transac- City. Cost is $250. Details are at Weber Center, 2380 Washington The sale includes the ma- tion, Smith will become the NBA http://www.slcc.edu/workforce/ Blvd., Ogden. Free for chamber jority interest in the Jazz; Vivint governor of the Utah Jazz and Dec. 9, 5-7 p.m. courses/index.aspx. members and first-time guests. Smart Home Arena, where the its affi liates and he will have fi- Business After Hours, Details are at ogdenwebercham- Jazz plays its home games; the nal decision-making authority an Ogden-Weber Chamber of Dec. 15, 11:30 a.m.-1 p.m. ber.com. Salt Lake City Stars of the NBA for all business and basketball Commerce event. Location is Business Alliance Network- G League; and a management operations related to the team Trust Brands, 155 E. 31st St., ing Luncheon, a Davis Chamber Jan. 13, 7:30-11 a.m. contract for the Class AAA Salt and other assets included in this Ogden. Free for chamber mem- of Commerce event. Location is “Effective Public Speak- transaction, the team statement Lake Bees minor league base- bers and first-time guests, $10 Business Resource Center, 450 ing,” part of the Fall 2020 ball team. Miller said that Smith said. Steve Starks, in addition to for nonmembers. Details are at Simmons Way, Kaysville. Free. Leadership Series presented will buy the Jazz fl agship radio his role as chief executive offi cer ogdenweberchamber.com. No RSVP required. Details are at by Davis Technical College’s stations, KZNS-AM and KZNS- for the LHM Group, will be an employer and continuing educa- FM, in a separate deal. advisor. davischamberofcommerce.com. Dec. 10, 11:30 a.m.-1 p.m. tion team and Ames Leadership Numerous news outlets, in- “The Miller family has had Institute and continuing through an unbelievable impact on count- Annual Holiday Party and Dec. 16, 3:30-5 p.m. cluding ESPN, reported the pur- Jan. 27. Location is the Davis chase price to be $1.66 billion, less people through the Utah Jazz Networking Luncheon, a Davis “Business Connections and Technical College, Simmons although details of the deal will and the other organizations they Chamber of Commerce event. Bowling,” a ChamberWest event. Building, 450 Simmons Way, not be certain until it is approved run,” said Smith. “We all owe a Location is Boondocks, 525 Location is All-Star Bowling & Kaysville. Cost is $175 per class by the NBA board of governors great debt to the Miller family Deseret Drive, Kaysville. Cost is Entertainment, 3601 S. 2700 W., (Custom Fit cost is $88), $600 for — expected to be before the end for the amazing stewardship they $20 for members, $30 for guests. Valley Fair Mall, West Valley a bundle of four classes (Custom of the year. The full value of the have had over this asset for the Details are at davischamberof- City. Cost is $15 for members, past 35 years. My wife and I are Fit cost is $300). Details are at team will include a “minority in- commerce.com. $20 for nonmembers. Details are terest” Miller said she and her absolutely humbled and excited davischamberofcommerce.com. at chamberwest.com. about the opportunity to take the family will retain. Dec. 11, 7:45-9 a.m. “After much soul-searching, team forward far into the future Jan. 27, 7:30-11 a.m. Women in Business Dec. 23, noon-1:30 p.m. lengthy discussions and exten- — especially with the greatest “Attracting, Engaging and Networking, an Ogden-Weber “Solve the Business Puzzle,” sive evaluations of our long-term fans in the NBA. The Utah Jazz, Retaining Talent,” part of the a Women’s Business Center of goals, my family and I decided the state of Utah and its capital Chamber of Commerce event. Fall 2020 Leadership Series this was the right time to pass city are the benefi ciaries of the Location to be determined. Free Utah event taking place online. presented by Davis Technical our responsibility and cherished Millers’ tremendous love, gen- for WIB members. Details are at Free. Details are at wbcutah.org. College’s employer and continu- stewardship of 35 years to Ryan erosity and investment. We look ogdenweberchamber.com. ing education team and Ames and (Smith’s wife) Ashley, who forward to building upon their Dec. 30, 7:30-8:30 a.m. Leadership Institute and continu- share our values and are commit- lifelong work.” Dec. 15, 8 a.m.-4 p.m. Coffee Connection, a ing through Jan. 27. Location ted to keeping the team in Utah,” Larry Miller, who built a “Change Management for Holladay Chamber of Commerce is the Davis Technical College, Miller said in a statement re- highly successful car dealership Managers,” part of the Salt Lake event. Location is Coffee & Simmons Building, 450 Simmons empire from the ground up, pur- leased by the team. Community College Frontline Cocoa, 6556 S. 3000 E., Holladay. Way, Kaysville. Cost is $175 per Smith, 42, is a Utah County chased the fi rst 50 percent stake Leader Workshop Series. Details are at holladaychamber. class (Custom Fit cost is $88), native and a longtime Jazz fan. for $8 million in 1985 and the re- Attendees will gain tools to effec- com. $600 for a bundle of four classes Qualtrics, which German multi- maining 50 percent of the Jazz for tively plan for and manage the (Custom Fit cost is $300). Details national software company SAP $14 million in 1986, when rumors are at davischamberofcommerce. bought for $8 billion in January raised fears that the team would impact of change to their teams Jan. 7, 7:30-9 a.m. 2019, became the team’s jersey relocate to Miami or Minneapo- and organizations. Location is Morning Speaker Series, com. sponsor in the 2017-18 season but lis. Led by the late coach Jerry opted to put a patch for the can- Sloan and the legendary star duo cer research campaign “5 For The of Karl Malone and John Stock- Fight” on the jersey instead of the ton, Utah quickly established it- company’s logo. self under Miller’s stewardship “I grew up watching the as one of the league’s most sol- Jazz. This is the team I cheered id franchises. The team won nine for,” Smith told ESPN. division titles and made two trips Smith dropped out of BYU to the NBA fi nals, in 1996-97 and in his early 20s to start Qualtrics 1997-98, losing both times to Mi- with his dad, Scott (then a mar- chael Jordan’s Chicago Bulls. keting professor at BYU), as well The Jazz continue to be regarded the as his brother Jared and former as one of the league’s well-run college roommate Stuart Orgill. franchises, led by team president The bootstrapped company grew Dennis Lindsey and coach Quin Civil out of the family’s basement in Snyder. Structural Engineering answer Engineering

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the Business Leaders’ crisis cycle

FIREHOSE Situation: Maintain business operations while transitioning Phase 1 employees to work from home. FIREHOSE Actions: Setup VPNs, firewalls, remote access, shared files, etc.

VALUE Are our resources providing appropriate value?

SUPPORT DATA Is our I.T. team providing Is our data backed up? value needed support?

Are users saving data to Is our I.T. team responsive? appropriate locations? DATA Can we grow and adapt with our I.T. team? SUPPORT Phase 2 Stabilization and Analysis SECURITY effIciEncy EFFICIENCY How successful is our remote How are we handling work and remote sensitive customer and collaboration? company data? security Are employees supplied and Are remote work policies in aDAPT trained on programs place? necessary to succeed? Are proper permissions and safeguards in place for data accessibility?

ADAPT What must we change going forward?

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