December 2019 Issue

Nobody's Fool: Before it was hot, Terry Beia bet his money on Front Street

By Luke Haase

Terry Beia and his partners had just sold some assets in their Traverse City-based oil and gas company, Omega Resources. So where to reinvest the gains? It was 1998, with investment choices galore, from a booming stock market to continued strength in the oil fields and natural gas world.

But what about local opportunities, Beia wondered – why not purchase some downtown Traverse City real estate?

Today it sounds like a no-brainer decision. Prices of commercial buildings downtown have skyrocketed in value – most ballooning 300-400% as downtown has boomed.

But back in 1998 – just after the opening of …

100 Side Hustles: Unexpected Ideas for Making Extra Money Without Quitting Your Day Job

By Chris Wendel

Potter/Ten Speed/Harmony/Rodale Books • June 4, 2019 • 336 pages • hardcover $25

Reviewed by Chris Wendel

In a nutshell: Having a part-time gig or hustle is not just a way to supplement income. It’s also a process to workshop and grow a business while minimizing the risks of a traditional startup business.

Who is it for? This is an inspiring book for anyone looking to take a skill or personal strength and turn it …

Part-Time CFOs: When to use them – and when to move on

By Craig Manning

Hiring a full-time, in-house CFO is an expensive proposition, especially for small or mid-sized businesses without a lot of capital to burn.

Perhaps not surprisingly, accounting firms and other businesses are filling the void by offering a service that frees businesses from needing a full-time CFO.

These services are known by a variety of different names: part-time CFOs; outsourced CFOs; virtual CFOs. They all have the same purpose: helping businesses manage their finances and to …

Urge to Merge: M&A fever hits accounting and insurance firms

By Rick Haglund

The merger trend among local independent insurance agencies, which shifted into high gear last year, is also hitting the public accounting sector.

Traverse City-based Dennis, Gartland & Niergarth (DGN), northern Michigan’s largest, locally owned public accounting firm, last month purchased Hill, Schroderus & Company, a Petoskey-based accounting firm.

The acquisition creates a 60-person public accounting firm that expands its reach throughout northwest Michigan in providing accounting, tax and consulting services to businesses, local governments and …

Banking On It: Local deposits up 30% from 2009

By Rick Haglund

Green Rush: Marijuana provisioning center lottery temporarily spiked commercial real estate prices

Joint Ventures is set to open a store called Highly Cannaco at 752 Munson Ave. in the former home of Life Story Funeral Home.

A lottery for 13 local marijuana dispensary/retail store licenses this past year sent commercial real estate prices in the area temporarily skyrocketing.

Since that lottery …

By Craig Manning

Serious Green: Utilities have given millions back to the region

You know them for electricity or natural gas.

But local utilities give back big to the Grand Traverse region – more than $833,600 last year alone benefiting community and residents.

In visible and not-so-visible ways Consumers Energy Co., DTE Energy Co., Cherryland Electric Cooperative and Traverse City Light & Power …

By Amy Lane

To Whom Much Is Given, Much is Expected

As we reflect on 2019 and look to 2020, we have an exciting opportunity to chart a course for what the next decade will look like for the Grand Traverse area.

We have momentum across the region with economic success, new business and community support systems, greater visibility on the …

By Warren Call

Not Just for Profit: Businesses have responsibilities beyond the bottom line

At Hagerty, we have a corporate social responsibility (CSR) program, as most corporations do. I’ve never cared for the term. It sounds cold and stiff, almost as if giving back is a moral obligation or something done out of guilt.

For this reason, I don’t even like the phrase “giving …

By McKeel Hagerty

Nonprofits vie for funding in a generous – but relatively small – region

The Grand Traverse region has earned a reputation for donating to worthy causes. From education to conservation, the arts to healthcare, people step up.

“It’s a uniquely philanthropic community,” said Rebecca Teahen, the associate vice president for resource development at Northwestern Michigan College and the executive director of the NMC …

By Ross Boissoneau

The 'New Normal' in Mortgages

The numbers don’t lie: Unconventional mortgage loans are making a comeback.

In 2018, unconventional mortgage lending hit its highest rate since before the subprime mortgage crisis and the ensuing Great Recession. Whether or not you’re involved in the financial industry, that statement may worry you, since 1) subprime mortgages are …

By Mike Nagy

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