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20160627-NEWS--1-NAT-CCI-CL_-- 6/24/2016 4:03 PM Page 1 VOL. 37, NO. 26 JUNE 27 - JULY 3, 2016 Business of Life Source Lunch StartupBus sparks Thomas Schorgl, ideas, collaboration Cuyahoga County’s Vehicles have rolled from guru of cities all over the world arts and since 2010. Page 27 culture Page 28 The List CLEVELAND BUSINESS NEO’s largest nonprofits Page 31 SPORTS BUSINESS ‘The End’ of ‘The Curse’ By KEVIN KLEPS [email protected] @KevinKleps Every gut-wrenching Cleveland profes- sional sports event always gets a title. Now — in the dreamlike wake of the Cav- aliers’ improbable, championship-clinching rally in the NBA Finals — there are different, oddly positive, themes dominating the con- versation. You could call it The End — the Cavs breaking a 51½-year, 146-season, 18,802-day championship drought with a seven-game victory over the record-setting Golden State Warriors. But most — again, in a strangely upbeat manner — seem to think it’s just the beginning. “The way I look at it is the woe is me is done,” East Ninth Street said Bob DiBiasio, the Indians’ senior vice president of public affairs. “Whoever was go- from the blimp ing to be the first — us, the Browns or the Cavs — we were gonna erase that unfortunate woe Goodyear photo is me as a Cleveland sports fan mentality.” SEE END, PAGE 29 For more Cavaliers celebration pictures, see pages 12-15 THE REPUBLICAN NATIONAL CONVENTION IN CLEVELAND Hospitals are ready, TV stations will focus on NEO By JAY MILLER tions, whose cameras will be trained and NBC — focus on the official go- will work together elsewhere. ings-on. But they all will have anchors [email protected] “We’ll show the flag at The Q,” suites in The Q and videographers @millerjh said Fred D’Ambrosi, news director and reporters on the convention floor. By LYDIA COUTRÉ The health systems have been col- of WOIO-TV, Channel 19 and Most of their reporters, camera laborating and preparing for well When Donald Trump and other Re- WUAB-TV, Channel 43. “But our pri- crews and video uplink trucks as- [email protected] over a year in hopes of a smooth publican luminaries take their turns at mary coverage will be on the effects signed to convention coverage, @LydiaCoutre mid-July week. Officials with Cleve- the podium next month at the Repub- on the people of Cleveland, and how though, will roam the streets looking land Clinic, MetroHealth, St. Vincent lican National Convention, the re- (the city is) being seen by the rest of for interesting people and com- As Cleveland braces for the thou- Charity Medical Center and Univer- porters and producers of hundreds, the country and how it’s perceived pelling stories. sands of people expected to flood the sity Hospitals have been meeting maybe thousands, of television news by the rest of the world.” D’Ambrosi and news directors region for the Republican National regularly with city and county offi- organizations will focus their efforts WOIO and WUAB, which are joint- from the other local commercial sta- Convention, area hospitals hold the cials and Cleveland’s Division of on the messages emanating from the ly owned and operated by Raycom tions — WEWS-TV, Channel 5, WJW- same mantra that many Northeast Emergency Medical Services. Quicken Loans Arena stage. Media Inc. of Montgomery, Ala., like TV, Channel 8, and WKYC-TV, Chan- Ohioans are likely following: prepare “We’re cooperating as systems The exception, though, will be the the other local stations, will let their nel 3 — said they have been for the worst, hope for the best. SEE HOSPITALS, PAGE 30 handful of hometown broadcast sta- affiliated networks — ABC, CBS, Fox SEE TV, PAGE 8 Entire contents © 2016 by Crain Communications Inc. WHO TO WATCH Meet eight of the best and brighest in the regional finance industry FOCUS, Pages 19-25 20160627-NEWS--2-NAT-CCI-CL_-- 6/24/2016 11:13 AM Page 1 Learn how connecting with us in Cleveland can help you grow anywhere. Contact John Masters at [email protected] and Sam Prentis at [email protected] All figures based on 2015 Bank of America Corporation Ohio data. “Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured • May Lose Value • Are Not Bank Guaranteed. ©2016 Bank of America Corporation. ARLRHXNF 06-16-0394 20160627-NEWS--3-NAT-CCI-CL_-- 6/24/2016 2:37 PM Page 1 CRAIN’S CLEVELAND BUSINESS z JUNE 27 - JULY 3, 2016 z PAGE 3 Sequoia is ‘doubling down’ with RAV buy By JEREMY NOBILE “Our teams coming together will help both talent pools play at a higher [email protected] “Philosophically, level, which is helpful for the client @JeremyNobile service experience,” Haught said. “We every business also think this will give opportunities Sequoia Financial Group’s acqui- for those people to specialize in areas sition of RAV Financial Services owner seeks a they’re passionate about.” plants a flag in Cleveland proper for The specialization factor is be- the growing Akron-based wealth and vital successor coming increasingly common in the financial management firm. financial planning sector today — It also signals a future passing of that will continue and other financial disciplines, for the torch for Bob Valente, RAV’s that matter. It’s a way for firms to dif- founder, who established the busi- its mission ferentiate themselves in a competi- ness 34 years ago. tive market and signals another way Valente will not immediately retire statement — and Sequoia is eyeing a long-term path when the acquisition is effective Oct. to viability as a business. 1. He’ll stay with the company as a we have found Sequoia has had a fiscal office in client and transition specialist, Cleveland, but having another physi- maintaining the various relation- that in Sequoia.” cal location in Beachwood is valuable ships he’s cultivated over the in terms of service. Keeping that — Bob Valente, RAV founder decades as dust of the merger settles. Beachwood office is important to ex- and CEO This deal illustrates financial plan- isting clients, Haught said, and means ners truly practicing what they clients in the upper end of the North- preach — planning for the future. east Ohio market won’t have to travel “Philosophically, every business as far to meet with an adviser. owner seeks a vital successor that will Clair Shores, Mich.; Tampa, Fla.; and (Contributed photos) “There’s a good nucleus of exiting continue its mission statement — and now Beachwood, where RAV is based. clients and team members there,” we have found that in Sequoia,” Va- The merger will create additional Haught said, “and we also think that lente said. “RAV has always focused economies of scale. Sequoia president is a growing location.” on our clients’ needs and successes, Tom Haught said that will translate Sequoia’s last acquisition prior to and those objectives are intrinsic with into additional investments in new RAV came in a 2012 merger with our combined company cultures.” technology, research capabilities and Hammerman & Strickland, a Florida Valente said he doesn’t plan to re- compliance, which is expected to be- outfit that expanded the firm’s pres- tire for at least another five to seven come stricter in the wake of the U.S. ence to the South. years. Department of Labor’s fiduciary rule Balancing organic with acquisitive “We want to see the fruits of our expected to result in more rigorous growth remains the firm’s focus as it labor through another generation of documentation for work on retire- achieves additional scale. clients,” he said. ment accounts. However, there aren’t any inten- Terms of the June 17 deal were not Another attractive feature of the tions currently to push Sequoia into disclosed. merger is the acquisition of veteran a massive company, Haught said. In RAV comprises about $500 million principals. Both firms tout similar fact, any future acquisitions at this in assets under advisement and a cultures, and each report that the cli- point would most likely come in ex- staff of 12, all of whom are joining mate for acquiring the best talent in isting markets in Ohio, Michigan and Sequoia. this field is particularly competitive Florida — not new regions. The merger of both fiduciaries will right now. “We see all this as a doubling bring Sequoia to about $3 billion in So the merger just felt right, said down on our commitment to plan- assets under advisement with 60 em- Haught, who founded Sequoia 25 ning,” Haught said, “which is the ployees spanning offices in Akron; St. years ago. Tom Haught founded Sequoia 25 years ago. foundation for client engagements.” New Office Building with Attached 18301 ST. CLAIR AVENUE FOR SALE Manufacturing and Distribution

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