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A South Jersey accounting firm, Haefele Flanagan Certified Public Accountants and Consultants, announced recently it has acquired Ratner and Associates, a certified public accounting firm near Philadelphia.Maple Shade-based Haefele Flanagan said the partnership will allow for a larger geographical footprint for both firms, allowing for expanded services to clients across the Delaware Valley.
The firms will operate under the Haefele Flanagan name, effective Jan. 12.
“In addition to our strong presence in New Jersey, we have a substantial number of clients in Philadelphia and the surrounding counties, and we wanted to create a partnership that would continue to build on that practice,” said James Rogers Jr., managing partner, Haefele Flanagan. “The team at Ratner and Associates has a solid reputation and a business emphasis that is very compatible with our own. We are looking forward to a shared success as one team.”
“Haefele Flanagan’s approach and attention to excellent client service mirrors our own,” said Stephen B. Ratner, owner of Ratner and Associates, based in Bala Cynwyd, Pennsylvania. “We can now offer a wider array of services to clients, especially to those outside of our traditional service area.” Ratner will continue to serve as a senior client services director in the combined firm.
To ensure a successful transition, the firms used Optimum Strategies to help advise them through the acquisition process.
“Many accounting firms are learning of the benefits of sharing resources, geographies and cross-selling skills,” said Ira Rosenbloom, CEO, Optimum Strategies. “Haefele Flanagan and Ratner and Associates are both trusted names in their markets. They are now even better positioned for strategic growth.”
Tag: South Jersey
NJBIZ stories taking place in and involving South Jersey businesses, companies and business news.
Facebook #8212 To use, or not to use That is the question
I think I’m going to delete Facebook.I mean, sure, Facebook — especially for a millennial — can still be incredibly useful for things such as growing one’s personal brand or involvement in community organizations.
And, as a journalist, it is still an important tool for tapping into the collective mindset and coming up with new ideas (while navigating the pitfalls of “fake news”).
But frankly, its near daily use has become so overwhelming that it causes anxiety and fatigue. It has caused me to re-evaluate friendships with those who create false online personas of themselves for external validation. And, let’s face it — it causes more arguments than it does anything else.
I long to live my life without feeling the incessant need to experience it through the lens of social media. I look forward to the resurgence of in-person interactions. And, I cannot wait to forget about FOMO (fear of missing out) altogether.
So, here is why that matters to the business community: I am not the only one.
In fact, statistics show that I am part of the growing majority.
According to customer acquisition platform Fluent, 43 percent of millennials ages 18 to 34 still use Facebook every day. However, that is 18 percent lower than non-millennials.
That number continues to drop to 36 percent when speaking about younger millennials (ages 18 to 24) and millennial men, in particular.
Millennials, in general, are re-evaluating their usage of social media and becoming more selective of which platforms they want to participate on and what kind of content they want to consume.
For consumers, the answer is no longer, “I need to be on them all.” The question is now, “Facebook or Twitter? Twitter or Snapchat? Snapchat or Instagram? Instagram or YouTube?”
This should not only force businesses to reconsider the methods they use to engage with their customers via social media, but also, where, when and to whom.
For one thing, millennials are no longer the heaviest users of social media.
According to the 2016 Nielsen Social Media Report, Gen-Xers are.
Millennials ages 18 to 34 spent about six hours and 19 minutes each week on social media last year — a respectable increase of 21 percent over 2015; however, Gen-Xers ages 37 to 52 spent an additional 39 minutes (an increase of 29 percent), and Baby Boomers ages 50-plus increased their social media usage by 64 percent, spending about 4 hours and 9 minutes each week.
You would think those numbers would have boosted the success of “traditional” marketing on social media, such as providing additional product information, offering discounts and access to VIP opportunities and encouraging customer reviews, however, less than 40 percent of social media users engaged with brands that way.
In fact, less than 30 percent followed to became a “fan” of something or someone, and just 13 percent of heavy social media users clicked on an advertisement.
Last year, brands that especially increased targeted advertising and video capabilities more successfully built brand loyalty and advocates across generations and gender.
That is because more than 50 percent of social media users were active in multimedia by posting and sharing photos, watching videos and commenting on posts.
Easily shareable content — whether that be photos of motivational quotes, the creation of live video for Q&A’s or real time events, or even memorable memes — make it more likely that brand advocates showcase their support.
So is mobile optimization. At this point, that is no longer an option for anyone. Ever.
Across the board, 70 percent of social media users of all ages utilize their smartphones to access social media.
Why? They multitask across multiple screens.
“A whopping 61 percent of unique Facebook users who are interacting about something TV-related on Facebook are female,” Sean Casey, president of Nielsen Social, said in the report. “And when it comes to connecting with social TV audiences, bear in mind that using multiple devices at once is the new normal and reaching out while this group is watching TV is vital to capturing their attention.
“Keeping an eye on what female Gen-Xers are watching when it going to be key to finding them.”
That advice does not simply apply to brands seeking more women consumers.
According to the Nielson data, the best time to engage on social media is Sunday during primetime television — including televised sporting events. Facebook engagement increased by 43 percent at that time and Twitter by 33 percent.
All of this information can be overwhelming in itself and for most companies represents a complete 180 of the data they may once have used to construct social media campaigns.
Unfortunately, that is the fast-paced nature of online technology today. It is a necessary evil for most businesses, one that must be carefully controlled, monitored and created to be highly adaptable — but, it can also sometimes be fun and challenging.
Sounds like the perfect task for a restless millennial as they seek to decrease their time perusing social media and increase their time creating more original content for brands.
Federal Reserve Bank charts more manufacturing growth in South Jersey region
The monthly report by the Federal Reserve Bank of Philadelphia shows another month of improving economic conditions in the region that includes South Jersey.Its Manufacturing Business Outlook Survey showed indexes for general activity, new orders and employment were all positive this month and increased from their readings last month.
“Manufacturers have generally grown more optimistic in their forecasts over the past two months. The future indexes for growth over the next six months, including employment, continued to improve this month,” the report said.
According to the report, 40 percent of the firms reported increases in activity this month, while 17 percent reported decreases. The general activity index has remained positive for six consecutive months, and the activity index reading was the highest since November 2014.
The survey also said other broad indicators suggest sustaining growth. For instance, the index for current new orders increased 11 points this month, with 41 percent of the firms reporting increases.
More firms (19 percent) reported an increase in manufacturing employment this month as opposed to a decrease (9 percent).
RWJBarnabas, CHOP sign letter of intent for pediatric alliance
RWJBarnabas Health and Children’s Hospital of Philadelphia on Thursday signed a letter of intent to form a strategic alliance that would establish a pediatric health care delivery system serving central and northern New Jersey.According to a news release issued by the two health systems, the alliance would improve access, delivery, quality and efficiency of pediatric health services in Central and North Jersey, creating the “most comprehensive” pediatric health network in the region.
“RWJBarnabas Health is tremendously excited about the potential alliance with Children’s Hospital of Philadelphia,” Barry H. Ostrowsky, RWJBarnabas’ CEO and president, said in a prepared statement. “Combining our three highly recognized children’s hospitals, pediatric rehabilitation hospital and outpatient pediatric services with the outstanding reputation for excellence of the Children’s Hospital of Philadelphia will bring the very finest pediatric care to families in the entire region.”
Ostrowsky told NJBIZ in an interview that, in central and northern New Jersey, CHOP will serve as an affiliate of RWJBarnabas, but its existing relationships in South Jersey, such as with Virtua Health, may remain untouched. That will all be sorted out in the terms of the alliance, for which discussions began about six months ago.
“We may agree to allow them to continue certain other relationships, but we haven’t specified which and how many,” he said. “As much as this sounds hokey, this is about furnishing New Jersey with better pediatric care. I wouldn’t want, for the sake of the ego of the deal, to shut out a community.”
The partnership is an equal one, including financially, he said.
The move is the largest and most significant relationship RWJBarnabas has made with an out-of-state entity to-date.
The catalyst was the merger of RWJBarnabas, as well as analyzing a need for more pediatric care in an outpatient setting, Ostrowsky said.
The goal is to develop a joint program to deliver pediatric care in the region, including best practices, access to specialists trained under CHOP and other clinical services.
But Ostrowsky hinted at potentially growing a physical footprint.
“It’ll start with a joint strategic study and how we use our joint skills, and then we will decide which locations, if any, will need to be built to meet our need,” he said.
RWJBarnabas and CHOP said the proposed affiliation would serve pediatric inpatients, outpatients and ambulatory patients, supporting the health care, education and research missions of both systems.
“Children’s Hospital of Philadelphia and RWJBarnabas Health are two prestigious health care providers whose philosophy of care focuses on the delivery of world-class clinical services as close to the patient’s home as possible,” Madeline Bell, CEO and president of CHOP, said in a statement. “This approach to pediatric care would benefit thousands of families in the area, and we are delighted to explore this new alliance.”
A formal partnership agreement is expected to be crafted “in the near future,” the release said.
N.J. employers add more jobs in December unemployment rate continues to drop
New Jersey’s unemployment rate dropped again in December, according to preliminary figures released by the state Department of Labor and Workforce Development.The department said estimates from the U.S. Bureau of Labor Statistics found that the non-farm jobs in the Garden State grew by 3,100 and the unemployment rate dropped to 4.7 percent for the month.
“The year 2016 ended on a high note for the Garden State,” James Wooster, chief economist for the New Jersey Department of the Treasury, said in a prepared statement.
“The unemployment rate has dropped by 0.3 percentage point to 4.7 percent, the November preliminary estimate of employment gains was revised upward by 38 percent to 5,400 and December posted total job gains of 3,100. This is a good way to start the New Year, and there is every reason to expect continued growth over the upcoming year.”
The state’s labor force participation rate, which measures the number of people employed or actively seeking employment, continues to best the national rate, 63.4 percent to 62.7 percent, respectively.
Over the past year, New Jersey private sector employers added 14,800 jobs, making 2016 the seventh consecutive year of private sector growth in the state. The Garden State added 281,700 private sector jobs since February 2010, which was the recessionary low point.
In December, the education and health services brought in the most growth, adding 4,200 jobs.
The other services sector added 2,500 positions, while financial activities added 1,700 and manufacturing added 1,200. Both the construction and information sectors added 900 positions each, while the leisure and hospitality sector added 700.
When it came to industries that lost jobs for the month, professional and business services fell by 5,300 jobs and the trade, transportation and utilities sector lost 4,200.
The public sector added 500 jobs.
The most provocative food trends of 2017
Hoping to impress your clients with a home-cooked meal or an introduction to an exciting new restaurant?Make sure to check with the chefs and baking professionals over at Campbell’s Culinary & Baking Institute prior to selecting a menu.
Campbell Soup Co., the global food manufacturer headquartered in Camden, recently released its fourth annual Culinary TrendScape report.
The report compiles the most significant and creative emerging food trends in which Campbell’s chefs have deemed highly influential and ahead of the curve.
Each trend is then categorized into stages of advancement in the culinary world: ‘discovery,’ or trends which have emerged within limited but influential groups; ‘introduction,’ or trends which have reached culinary-minded audiences; ‘adoption,’ or trends which have gained traction with larger audiences; ‘mainstream,’ or trends which are currently well-accepted in many households; ‘established,’ or trends which have reached mass audiences; and ‘expanded,’ or trends which have reached global audiences.
Here are the most provocative food trends of 2017 according to the Campbell’s Culinary & Baking Institute in Camden:
1. Marine Greens (Discovery): Chefs and manufacturers are beginning to explore the use of underwater super foods such as dulse, a pan-fried seaweed with the flavor profile of bacon, or the use of spirulina, a detoxifying blue-green algae, in smoothies.
2. Advanced Japanese (Introduction): Now that the world has graduated from Ramen 101, chefs are beginning to explore lesser known regional and home-style Japanese dishes such as yakitori skewers, or bite-sized pieces of meat grilled over charcoal, and savory okonomiyaki pancakes, typically comprised of meat and vegetables.
3. Chefs on a Mission (Introduction): In an effort to drive social change, top chefs are increasingly dedicating their time to purpose-driven projects such as food waste soup kitchens and affordable, high-quality restaurants for low-income areas.
4. Food as Medicine (Adoption): Unique diets continue to be peppered with the use of therapeutic ingredients such as turmeric, ginger, vinegar and bone broth. Such foods with anti-inflammatory and antioxidant properties continue to be prescribed along with home remedies.
5. Modern Middle Eastern (Adoption): Now that most consumers have been introduced to the vibrant street foods of the Middle East by means of falafel, hummus and shwarma, chefs and quick service restaurants are increasingly looking at selections such as labneh (mild and tangy cheese), kofta (spiced meatballs) and shakshuka (poached eggs in spicy tomato sauce).
6. Condiment Craze (Adoption): In addition to the current obsession with sriracha and homemade ketchups, chefs and consumers alike continue to look for flavorful sauces and spices that will enliven all-natural and farm-focused dishes. Try a recipe for spicy piri-piri sauce, originally made in Portugal from crushes chiles, citrus, onion and spieces, or a sweet, shallot jam.
7. Curry Culture (Mainstream): Often marketed as a comfort food, consumers everywhere can now find curry dishes in restaurants and at the market. Fragrant, simmered curry stews also often appeal to busy cooks.
8. Great Grains (Established): In addition to the health benefits of gluten-free and ancient grains, restaurants and consumers will focus this year on texture and temperature, seeking out sprouted grains and savory porridges.
9. Southern Comforts (Established): Can you name someone who does not love biscuits? Southern cooking will continue to dominate with inspired variations on dishes such as fried chicken, shrimp and grits, and mac and cheese.
10. Coconut (Expanded): Now widely used in Starbucks’ coffees and Whole Foods’ cooking oils, the wellness ingredient will continue its rise by solidifying its place in specialty beverages and snacks.
And, don’t forget last year’s top trends, as many of them are still as fresh as ever: Cooking with Fire; Authentic Thai; French Revival; Inspired Ice Cream; Traditional Fats; Veg 2.0; Asian Noodle Soups; Haute Dogs; Simple and Real; and Caramel!
Inspira opens urgent care center in Haddon Twp.
Inspira Health opened a new 7,400-square-foot urgent care center in Haddon Township.The center has 10 patient rooms and the latest imaging technology, and can provide for family medicine and medication prescriptions on site.
Patients can check in online through the Inspira Access app and get text alerts about their place in line.
“The opening of our new location in Haddon Township marks an exciting time for our network,” John DiAngelo, CEO and president of Inspira Health Network, said in a statement. “While we have been providing care to families in South Jersey for generations, we are pleased to now offer exceptional medical care to Haddon Township residents and the surrounding communities in Camden County.”
The facility also includes a new imaging center with 3D mammography, wide-bore MRI and walk-in X-ray services.
Marcus Millichap announce 5.95M sale of shopping center in Northfield
Marcus & Millichap announced Tuesday the $5.95 million sale of a multitenant shopping center in Northfield.“The seller’s strategy was to geographically condense their portfolio closer to home,” Derrick Dougherty, vice president of investments, said in a prepared statement. “They were looking to focus on single-tenant assets, in an effort to preserve equity and eliminate the management component.”
The 48,536-square-foot Island Gym Plaza is currently 95 percent occupied, anchored by Island Gym. The property is located at 801 Tilton Road, approximately 10 miles from Atlantic City.
Dougherty, along with Dean Zang, senior vice president investments in the firm’s Washington, D.C., office, represented the seller, in a joint effort with DSM Commercial Real Estate Services. The buyer was secured and represented by Shannon Bona, an associate with the firm’s Philadelphia office. J.D. Parker, the broker of record for New Jersey, assisted with closing the transaction.
“The buyer, a distinguished owner and operator of single-tenant NNN assets, felt confident diversifying his investments into multi-tenant shopping centers because of the attractive yield in that asset class versus yields in the net-leased world,” Bona said in a prepared statement.
4 ways that tech accelerators can increase diversity and inclusiveness
Technology accelerators provide entrepreneurs with access to seed capital, business relationships, guidance and office space. Over the last 18 months, three accelerators have opened in Newark with great fanfare. The investors and corporations that have funded these accelerators have been praised for being committed to Newark’s revitalization.
The individuals behind the accelerators have expressed their understanding of the importance of racial and gender diversity among the entrepreneurs with whom they’ll be teaming. Tom Wisniewski, who is the managing director of venture capital fund Newark Venture Partners, said that his firm will “look to support a diverse set” of entrepreneurs, “including women and minorities.”
While there’s talk of diversity, the truth is that less than 5 percent of the teams that are admitted into Newark’s accelerator programs are led by a Black or Latino owner. Many have approached the accelerators with tech venture ideas, but they’ve often been denied or deferred for a variety of reasons.
I’ve been contacted by well-educated and talented minority startup owners whose businesses offer valuable solutions for the ed tech, defense, and other large national markets. Unfortunately, their growth and revenue potential are severely constricted because of their inability to attain seed capital and early stage support from investors.
I believe that part of the reason why Black and Latino teams haven’t been given a proper shot is due to unconscious bias in the accelerators’ and investors’ selection process. To remedy this challenge, here are four suggestions that would help accelerators in Newark (and beyond) to offers opportunities to Black and Latino entrepreneurs who are seeking to build promising technology companies:
1. Focus on inclusion in the selection/admission process
Black and Latino men and women should be hired by backers and accelerators in roles where selection and admission decisions are made — not just as administrators, marketers or community relations directors. Is such a goal possible? Absolutely. In the Baltimore office of accelerator Tumml, 65 percent of the people who manage the selection process are women and minorities. Tumml recognizes that there’s value in having diverse selection committee members who can recognize untapped market niches and business opportunities, as well as foster innovation that less diverse accelerators might otherwise disregard.
2. Add Black and Latino investors
To avoid missing out on profitable market opportunities that they may not understand or be aware of, backers and accelerators with limited executive diversity should cultivate successful Black and Latino entrepreneurs, corporate executives, sales professionals, academics, bankers, doctors and lawyers as investors and limited partners. If making this move would require the accelerator’s minimum investment to be reduced, the potential for high ROI that these individuals could make possible would be well worth the alteration because of the valuable perspectives, insights and solutions that they could deliver.
3. Leverage minority-targeted events to foster outreach
Accelerators should sponsor and engage in more local meetups, pitch competitions, demo days and capacity building programs that target the participation of Black and Latino engineers, scientists, inventors and entrepreneurs. By filling the room with energetic Black and Latino men and women, one or more of whom may have the golden seeds of a hugely profitable idea, backers would conveniently be able to make the connections that would ramp up the diversity of their portfolio of venture and/or accelerator investments.
4. Consider the local benefits that a $50M company can deliver
Accelerators and venture capital firms are on the lookout for high-growth companies that will provide big returns to investors via IPOs and multibillion dollar valuations. However, a Newark accelerator that aims to nurture one or more minority led companies with the potential to reach $50 million in revenues would yield positive gains and, more importantly, help to revitalize the Newark community. Such traditional middle market businesses can be valuable job engines for Newark minority residents (based on research from the Gazelle index, which found that two out of every three workers hired by black business owners were black).
Most talented Black and Latino entrepreneurs don’t have access to the “friends and family” seed money that more privileged business owners can tap into to launch and develop their ideas. The Newark accelerators, backers, and investors that recognize and strategically nurture the profit potential of more Black and Latino startup owners would not only realize financial gains for themselves and their investors, they’d also achieve the rewards of true diversity that they claim to seek.
Lyneir Richardson is the Executive Director of of The Center for Urban Entrepreneurship and Economic Development (CUEED), a research and practitioner-oriented center at Rutgers Business School in Newark.
YMCA leases property in downtown Camden business district
WCRE announced that the YMCA of Burlington and Camden Counties has leased space in the heart of the downtown Camden business district.WCRE represented 808 Market Street Associates LLC in leasing and marketing the 2,250 square foot office suite at 808 Market St. in Camden.
The multitenant, mid-rise office building has remaining properties ranging in size from 1,000-6,600 square feet.
Leor Hemo, executive vice president of WCRE, exclusively represented the landlord and tenant in the transaction. Financial terms were not disclosed.
TRHC to provide medication care management for multistate PACE sponsor
Moorestown-based Tabula Rasa HealthCare Corp. announced that a multistate Program of All-Inclusive Care for the Elderly, or PACE, provider, has signed a three-year agreement for medication care management services.Under the agreement, TRHC will provide medication care management services and science-driven, reminder-packaging pharmacy services for PACE participants.
“TRHC continues to advance the practice and science of medication risk mitigation through our personalized medicine approach,” chairman and CEO Calvin H. Knowlton, said in a prepared statement. “We are pleased to have formalized the collaboration with this organization with the goal of optimizing outcomes for these frail-elderly individuals.”
Financial terms of the agreement were not disclosed.
Failed Salem County bank finds a new owner, with branches remaining open
A North Carolina-based bank will take over a shuttered Pennsville-based institution, according to the New Jersey Department of Banking and Insurance.DOBI said Friday that it closed Harvest Community Bank and appointed the Federal Deposit Insurance Corp. as receiver. The FDIC, in turn, entered into a so-called “All Deposit, Whole Bank Purchase and Assumption” agreement with First Citizens BancShares Inc., based in Raleigh, North Carolina.
First Citizens BancShares, parent of First Citizens Bank, will assume Harvest Community Bank’s deposits, and customers will not experience any interruption in service, according to DOBI.
“This transaction will be completely seamless to customers with no interruption of services,” DOBI Commissioner Richard J. Badolato said in a prepared statement.
First Citizens said Harvest’s branches began operating Saturday as Harvest Community Bank, a division of First Citizens Bank & Trust Co.
“We welcome the customers of Harvest Community Bank to First Citizens,” Frank B. Holding Jr., chairman and CEO of First Citizens Bank, said in a statement. “We have more than a century of serving the financial needs of our customers, and we’re a bank people trust for delivering an exceptional banking experience.
“This agreement continues our company’s growth through mergers and acquisitions, and we look forward to a smooth transition in New Jersey.”
Harvest Community Bank opened in 2000, DOBI said, and had both its Pennsville headquarters and three additional Salem County branches, in Pilesgrove-Woodstown, Elmer and Salem. As of Sept. 30, it had about $126.4 million in assets and $123.8 million in deposits.
First Citizens was founded in 1898 and has total assets of nearly $33 billion. The takeover represents its first New Jersey presence.