1. Volume 45, Number 25 $1.50February 1-7, 2016www.slenterprise.com
Brice Wallace
The Enterprise
OF NOTE
Luxury home prices stalled
Homeowners seem to have cast
their votes for solidly middle-class
properties. That's because high-
end homes — those in the top 5
percent — have hit a plateau in
pricing, according to data from
real estate data provider Redfin
Corp. While the other 95 percent
has appreciated nearly 5 percent
in the past year, luxury home
prices are flat or down.
Industry News Briefs
page 6
Business Calendar
page 9
Real Estate Section
pages 14-15
Sheena Steedman
The Enterprise
see CAI pg. 12
see CHAMBER pg. 13
see COWORKING pg. 4
Utahns continue to have more con-
fidence in the economy than consumers
nationwide. However, that confidence is
sliding in the state while still growing
across the country. The Zions Bank Utah
Consumer Attitude Index (CAI) decreased
3.2 points to 105.7 in January while the
national Consumer Confidence Index
increased 1.8 points from December to
January to 98.1.
Slightly more negative perspectives
about the present circumstances of the
economy contributed to the decline, though
present concerns were balanced by expecta-
tions for the future, which were more posi-
tive than they were in December. The CAI
now sits 7.7 points lower than its level 12
months ago.
The Present Situation Index, the sub-
index of the CAI that measures how con-
sumers feel about current economic condi-
tions, has fallen 1.6 points since this time
last year. Forty-eight percent of Utahns
rate general business conditions in their
area as good — a 3 percent decrease
from December and a 2 percent decrease
since last year. Forty-one percent of Utahns
describe available jobs in their area as plen-
tiful, a 9 percent decrease from December.
However, this still represents a 3 percent
increase over a year ago.
Expectations for the next six months
increased due to a more positive outlook
on business conditions, future job avail-
ability and income situations. Compared
to December, more Utahns think business
conditions in their area will be better in
six months, rising from 24 percent to 30
percent in January. Twenty-nine percent of
Utahns think there will be more jobs avail-
able in their area six months from now—a
four-point increase from December. In line
with this expectation for more job oppor-
tunities, more people expect their house-
hold income to be higher six months from
now—36 percent in January compared to
33 percent in December.
“Although Utahns’ attitudes regarding
the present situation have fallen in line
with an increasingly volatile and frustrat-
ing stock market of late, most consumers
remain optimistic regarding the economy’s
future,” said Scott Anderson, president and
CEO of Zions Bank. “While recent market
trends have raised concerns among con-
sumers, positive expectations indicate that
stock market corrections will give way to
continued improvement of ongoing busi-
Confidence level
slides slightly in
Utah for January
Dallas Graham, Annie Brantley and Jane Oakland, left to right, who work for The Red Fred Proj-
ect, converse at their office at Work Hive, a coworking space located in the Crane Building in
downtown Salt Lake City.
Richard Bliss and Trevor Smith had
been working as self-contracted web devel-
opers when they decided to found their
own Internet startup company, Impressure.
Wanting to save money on overhead costs
while they got their business moving, Bliss
discovered that staying at home to work
wasn’t the answer.
“At home, I have a lot of distractions,”
he said, “And when you’re working at
home a lot, you never quite separate your
home life from your work life.”
Instead, they found success with a
coworking space at Work Hive in down-
town Salt Lake City. Work Hive, like many
other coworking spaces provides a com-
munal workspace — with an option for a
private office — for various clients from
different industries. It also includes shared
amenities, such as Internet, copy machines,
printers, conference rooms and coffee.
Among the advantages for Bliss and
Coworking concept growing,
giving small firms head start
The state’s largest business organiza-
tion has charted a course for the ship of
state. Whether the Legislature, now in the
second week of its general session, travels
in the desired direction remains to be seen.
State government leaders last week
received the Salt Lake Chamber’s 2016
Public Policy Guide, a booklet of recom-
mendations from the business community.
Among topics getting focus are business
climate, taxes and regulation, economic
development, entrepreneurship and innova-
tion, education, workforce development,
healthcare, infrastructure and transporta-
tion, and natural resources and environ-
ment.
At a news conference, those govern-
ment leaders were fairly noncommittal,
except to accept the report and say that they
appreciated the input.
“It’s nice to have a voice for business
in our state that helps us understand the
challenges [and] the opportunities that the
business community finds in the state of
Chamber gives lawmakers
wish list for 2016 session

2. 2 · February 1-7, 2016 · The Enterprise - Utah's Business Journal
see MED SCHOOL pg. 13
Salt Lake City’s new mayor
wants the city to develop an eco-
nomic identity, similar to those
used in areas to the north and
south.
In her first “State of the City”
address, Jackie Biskupski said a
citywide economic strategic plan
is needed for Salt Lake City to
remain competitive in the nation
and state and along the Wasatch
Front.
“Nearby cities have already
successfully developed identities
to lure business to their areas,”
Biskupski said. “‘Silicon Slopes’
to the south and ‘Outdoor Ogden’
to our north are prime examples
— not just of missed opportunity,
but how we can move forward.”
To help with the effort,
Biskupski said she will elevate
the city’s division of economic
development to a department
level and launch a national search
for a director who can work with
various stakeholders to build a
stronger economy.
The director will be charged
with aligning the city’s economic
tools, including its airports, the
Redevelopment Agency of Salt
Lake City, the arts and culture
community, and colleges and
universities. Biskupski also said
the department will be better
suited to develop partnerships
withstateresources,includingthe
Governor’s Office of Economic
Development, the Economic
Development Corporation of
Utah and World Trade Center
Utah.
The mayor said the city “can-
not lose sight” of its existing busi-
nesses and “innovative people
across our city who need our help
to succeed.” To better serve them,
the city will audit its existing
planning and business ordinances
and recommend changes to the
city council.
“Some of our city ordinances
were adopted for a single, unique
project completed years ago,
but they remain on the books,”
Biskupski said. “This creates con-
fusion and project delays.”
She also noted that while
the city will continue to develop
downtown, “just as importantly,
we will cultivate lively business
centers in other communities
that keep waiting for the atten-
tion they deserve.” She men-
tioned Rose Park, Poplar Grove,
North Temple, Liberty Wells and
Glendale.
Another economic element
in the speech was the importance
of having clean air. “Our poor
air quality is a health crisis and
will become a major impediment
in Utah’s economy if we do not
work collaboratively to make a
real difference today,” she said.
The mayor said she will take
steps to create a Department of
Sustainability — it currently is a
division — with air quality as its
primary goal.
The first step in cleaning the
air will be pushing state legisla-
tion to update Utah’s building
codes. Buildings are the state’s
second-largest contributor to air
pollution.
“These codes have not been
updated in years,” she said.
“Failure to act this session will
allow the cause of up to 30 per-
cent of our air pollution to go
unchecked for years.”
The city will do its part, she
said, by making its utility sources
carbon-free by 2032.
Atranscript of the “State of the
City” address is at www.slcmayor.
com/news/2016/1/26/soc2016.
New mayor wants SLC to develop its own economic identity
Utah’s non-farm payroll employment for December grew by
an estimated 3.2 percent, adding 43,300 jobs to the economy as
compared to December 2014. Utah’s currently has 1,408,500 in
the labor force.
Meanwhile, December’s seasonally adjusted unemploy-
ment rate remained unchanged from November at 3.5 percent.
Approximately 50,700 Utahns were unemployed in the month and
actively seeking work. The national unemployment rate showed no
change from November, remaining at 5.0 percent.
“Our state continues to post above-average job growth despite
a moderating trend in the latter months of 2015,” said Carrie
Mayne, chief economist at the Department of Workforce Services.
“December 2014’s winter was mild, allowing sectors like construc-
tion to continue growing. This December’s more normal winter
softened that growth, yielding the 3.2 percent overall.”
Eight of the 10 private sector industry groups measured in the
establishment survey posted net job increases in December as com-
pared to the previous year, while the natural resources and mining
industries shed 1,100 positions and other services lost 1,500 jobs.
The largest private sector employment increases were in education
and health services (11,300 jobs), leisure and hospitality (8,700
jobs) and manufacturing (4,900 jobs). The fastest employment
growth occurred in information (8.3 percent), leisure and hospital-
ity (6.6 percent) and education and health services (6.3 percent).
Jobs up, unemployment steady
Clearlink, a Salt Lake City-
based marketing company, has
acquired buyCalls, a North
Carolina-based marketing agency.
Financial terms were not dis-
closed.
Based in Southern Pines,
North Carolina, buyCalls is a mar-
keting agency specializing in lead
generation and digital marketing
for leading home services brands.
Operating as a Clearlink
division, buyCalls will remain
in Southern Pines and will be
referred to as “buyCalls, pow-
ered by Clearlink.” The division
will be focused on affiliate and
partner marketing for Clearlink’s
brand partners, including ADT,
AT&T, CenturyLink, Frontier
Communications, Progressive,
Verizon and Vivint.
“We are thrilled to join the
Clearlink family — a company
we’ve always considered one of
the nation’s top marketing and
sales organizations,” said David
Petsolt, buyCalls’ president.
“With a focus on partner relation-
ships and digital marketing, the
buyCalls team is eager to help
Clearlink grow the top brands in
the home services, insurance and
solar industries.”
“We are delighted with our
acquisition of buyCalls,” said
Sam Funk, president of home ser-
vices and chief financial officer at
Clearlink. “With their experience
in both partnership marketing and
digital marketing, buyCalls will
make a significant contribution
to Clearlink’s strategic vision to
partner with the world’s leading
brands to increase their reach and
drive.”
Established in 2003,
Clearlink has more than 1,200
sales, technology and marketing
employees and uses a mix of
digital marketing, retargeting and
sales expertise to deliver new
customers on behalf of its brand
partners.
Clearlink buys marketing agency
The next step in Utah having
a second medical school is sched-
uled in just over a month. Officials
of Rocky Vista University
College of Osteopathic Medicine-
Southern Utah have announced
plans to begin construction at the
campus in Ivins during the first
week in March. Ivins is located
10 miles northwest of St. George
at the mouth of Snow Canyon.
The facility is planned to be
completed within 14 months, said
Thomas Told, dean, and Rocky
Vista chief academic officer.
The state’s other medical
school is the University of Utah,
which has extensive traditional
medical curricula in a wide vari-
ety of fields. Doctors of osteo-
pathic medicine, in which Rocky
Vista specializes, receive training
in the musculoskeletal system in
addition to the traditional medical
school curriculum.
The first class of 125 students
will be admitted summer of 2017,
according to Told. Approximately
35 full-time educators and 47
administrative staff will be hired,
he said.
Students will also work with
veterans at the Southern Utah
Veterans Home located on adja-
cent property. Each student will
be assigned to a veteran to follow
during the four years they are in
medical school.
“The hopes and goals of
the university are to introduce
primary care physicians for
Utah,” said David Park, dean
and Southern Utah campus chief
academic officer. “We want to be
a very strong and integral part of
So. Utah med school plans
construction next month

3. The Enterprise - Utah's Business Journal · February 1-7, 2016 · 3
Brice Wallace
The Enterprise
USPS # 891-300
Published weekly by:
Enterprise Newspaper Group
825 North 300 West Ste. NE220
Salt Lake City, Utah 84103
801-533-0556 FAX 801-533-0684
www.slenterprise.com
PUBLISHER & EDITOR
R. George Gregersen
PRESIDENT
David G. Gregersen
david@slenterprise.com
VP/GENERAL SALES MANAGER
Dale Dimond
dale@slenterprise.com
MANAGING EDITOR
John M. Rogers
john@slenterprise.com
CONTROLLER
Richard Taylor
richard@slenterprise.com
OFFICE MANAGER
Dionne Halverson
dionne@slenterprise.com
REAL ESTATE SECTION
david@slenterprise.com
CIRCULATION
Diana Rogers
diana@slenterprise.com
ADVERTISING INQUIRIES
david@slenterprise.com
TO CONTACT NEWSROOM
john@slenterprise.com
ART SUBMISSIONS
art@slenterprise.com
Subscription Rates:
Online only, $65 per year
Print only, $75 per year
Online and Print, $85 per year
Any opinions expressed by the columnists are not
necessarily the opinions or policy of Enterprise,
it’s owners or managers. Reproduction or use of
contents without written consent of the publisher is
prohibited. All rights reserved.
© 2013 Enterprise Newspaper Group Inc.
Periodical postage paid at Salt Lake City, Utah
POSTMASTER: Send address corrections to:
P.O. Box 11778, Downtown Station
Salt Lake City, Utah 84147
Tom Adams
(801) 485-3606
HOURS: MON 10 AM-8 PM, TUES-SAT 10 AM-6 PM
(801) 485-3606
COAT
TREES
STAINED
GLASS
OFFICE
LAMPS
DESK CLOCKS
HAND THROWN
POTTERY
A new job-training initiative
aims to provide Utahns with skills
needed to be competitive in high-
tech jobs.
TechHire Utah officially
launched last week and figures
to give the region’s employers a
talent pipeline to fill Utah’s thou-
sands of open technology jobs and
expand economic opportunity.
Utah has more than 5,000
technology companies, with many
experiencing serious shortages of
skilled talent. The TechHire Utah
initiative has been launched by the
Utah Technology Council, team-
ing up with Innovate+Education,
the Utah Cluster Acceleration
Partnership (UCAP), Utah Valley
University (UVU), Salt Lake
Community College (SLCC),
Pluralsight and the Salt Lake City
Mayor’s Office.
“The urgency for creating new
pathways to IT jobs has never been
greater in Utah, and we believe
this is a national model that will
scale effectively as we push for the
innovation in designing, develop-
ing and effectively placing skilled
talent into high-demand, high-
paying IT jobs,” said Richard R.
Nelson, president and chief execu-
tive officer of the Utah Technology
Council.
The official launch took place
at Pluralsight, a Farmington-based
company that provides online
learning for professional software
developers, IT specialists and cre-
ative technologists.
TechHire Utah was one of
the initial cities recognized last
fall when President Obama issued
a call to action for communities
across the country to join the
movement and create TechHire
partnerships. Key to the work is
employers engaging in the com-
munities to articulate the critical
needs, and then to provide fast-
track training that can equip work-
ers for fields needing tech skills.
TechHire Utah leveraged
real-time labor market informa-
tion provided by Burning Glass
Technologies and the state of Utah
to identify the most in-demand
tech jobs and programming lan-
guages to meet employer needs.
To expand access to fast-track
training, Utah Valley University
and Salt Lake Community College
will begin offering low cost “boot
camp” courses with blended online
Pluralsight curricula, real-world
projects, mentoring and job place-
ment assistance.
Training courses are modu-
larized, with eight-week evening/
weekend options to expand access
to veterans, women, second-career
adults and non-traditional stu-
dents.
“The goal of TechHire Utah
is in providing multiple pathways
to IT jobs that employers articu-
lated they are having trouble fill-
ing,” said Jamai Blivin, CEO of
Innovate+Educate. “These path-
ways must be innovative, fast-
tracked and employer-recognized
for the model to succeed and then
scale nationally. We believe that
will happen, but employers are
key to the success.”
TechHire Utah also is looking
to fast-track women and veterans
in high-paying technology careers
for economic equity and to build
a diverse talent pipeline. It also
is looking to expand outreach and
job placements by working with
faith-based organizations to cre-
ate strong employer connections,
supplemental skills training and
other supportive services.
Upcoming TechHire events
over the next few months include
the Women Tech Council Talent
InnovationSummitonFeb.3,with
plans to announce women-only
boot camps and free online train-
ing courses; SheTech Explorer
Day on March 11 at UVU featur-
ing about 1,000 high school girls
receiving free coding curricula,
with the goal to engage more girls
in technology fields; and the Utah
Governor’s Economic Summit on
April 14-15, announcing multi-
sector strategies for scaling accel-
erated job training statewide to
grow a skilled workforce to sup-
port Utah’s economic future.
Details about the initiative
are at www.techhireutah.org.
The UTC is an industry asso-
ciation representing more than
5,000 high technology, clean
tech and life sciences compa-
nies. Innovate+Educate is a
national nonprofit organization
implementing evidence-based,
employer-led strategies to drive
competency-based training
and hiring for in-demand jobs.
UCAP is a partnership among
GOED, the Utah Department of
Workforce Services and Utah
System of Higher Education to
develop, implement or enhance
programs responsive to regional
industry needs.
A longtime lover of the out-
doors has been selected to lead the
state’s Office of Outdoor Recre-
ation.
Kenneth Thomas “Tom” Ad-
ams become’s the office’s second
director. He succeeds Brad Peters-
en, appointed as
the offi ce’s fi rst
director in mid-
2013 and who
resigned from
the position in
early Novem-
ber.
“My career path
and my pas-
sions in life have followed each
other hand in hand,” Adams said.
“Whether as a climbing or skiing
instructor or a sales director, it
has been a personal goal of mine
to make every aspect of the out-
door industry more enjoyable and
accessible for my clients, friends
and family.
“Now, as a part of GOED (the
Governor’s Offi ce of Economic
Development), I will be able to
expand on my passion to ensure
that each resident or visitor will
have the best possible resources
to enjoy the full range of outdoor
recreation opportunities that Utah
offers. I look forward to working
with the leaders, stakeholders and
communities in each county with-
in the state.”
As offi ce director, Adams
will oversee the state’s outdoor
recreation vision and programs.
The vision was developed under
the direction of the governor in
conjunction with the Outdoor In-
dustry Association, the Council
on Balanced Resources, GOED
and various Utah outdoor indus-
try leaders. It guides the state’s
outdoor programs on improving
Utah’s recreational opportunities
and highlights the need to ensure
a balanced, responsible approach
to developing, enhancing and pro-
tecting public lands.
“Outdoor recreation is a key
industry in Utah providing direct
economic benefi ts for our resi-
dents,” Gov. Gary Herbert said.
“Tom’s experience and enthusiasm
will help our state’s outdoor recre-
ation industry achieve new levels
of success.”
Adams has been involved in
Utah’s outdoor recreation indus-
try for more than 20 years. Most
recently, he was sales director for
Petzl, a manufacturer of high-end
climbing and lighting equipment,
where he was responsible for all
North American sales. He also
worked in sales roles at Liberty
Mountain, an outdoor products
distributor, and Black Diamond
Equipment, a producer of climbing
and outdoor products. He has also
worked at Brighton Ski Resort as a
ski instructor.
Adams has a passion for ski-
ing and expertise in rock and ice
climbing, where he holds fi rst ac-
cent recognition for substantial
technical diffi culty as high as 5.14.
He is also a competitive cyclist,
competing annually in the 200-
mile LOTOJA bike race and plac-
ing third in the 2015 Salt to Saint
as a solo rider. He graduated with
a degree in commercial recreation
management from the University
of Utah.
Adams tabbed to be state outdoor recreation chief
TechHire Utah hopes to provide skills to fill open tech jobs

4. 4 · February 1-7, 2016 · The Enterprise - Utah's Business Journal
COWORKING
from page 1





OFFICE SYSTEMS
valley






S e r v i c eS e r v i c eS e r v i c eS e r v i c e
EXCELLENCEEXCELLENCEEXCELLENCEEXCELLENCE
CertifiedDealership
2015201520152015






Atlanta-based PGA Tour
Superstore has announced it will
open its first interactive retail store
in Utah. The store, to be located
in Sandy, is expected to open in
April.
PGA Tour Superstore is
known for its large-format inter-
active stores across the country.
The 25,000-square-foot interactive
store will feature four state-of-
the-art simulators, four practice
hitting bays and an expansive put-
ting green measuring more than
750 square feet. The new Sandy
location at 10355 S. State St., east
of I-15 off of State Street next to
PetSmart and Nordstrom Rack (in
a previous Staples location), will
be the largest golf retail store in the
area.
The new retail outlet will
employ 25-30 associates, includ-
ing PGA teaching professionals,
and will also have an in-house
club-making and repair facility.
“We are very excited to bring
the best experiential destination in
golf retail to Utah and specifically
the Greater Salt Lake City area,”
said PGA Tour Superstore presi-
dent and CEO Dick Sullivan. “This
is an incredible market for golf and
we believe the area is underserved
for golf retail. Our professional
expertise and interactive environ-
ment inspire all types of golfers
— from beginners to scratch golf-
ers — to play the game and find
everything they need under one
roof.”
PGA Tour Superstore is owned
and operated by Golf & Tennis
Pro Shop Inc., whose controlling
owner and chairman is Arthur M.
Blank, retired co-founder of The
Home Depot and owner of the
Atlanta Falcons of the NFL and
Atlanta United FC of Major League
Soccer. The company has 23 stores,
including three in Arizona.
PGA Superstore will open a retail store in Sandy in April with four practice hitting bays, four simulator bays and a
750-square-foot practice green like the one shown above.
PGA to open state's largest golf store
Smith in using a coworking space
is saving $800 monthly, com-
pared to an executive suite they
rented at Regus Salt Lake City,
and networking with interesting
people, according to Smith.
Coworking space is a concept
that many locals have become
familiar with only recently.
“The first year when we
had people call and ask about
coworking, I always knew that
they were calling from out of
state, because people in Utah
didn’t know the word ‘cowork-
ing,’” said Mark Morris, co-
founder of Work Hive. “But in
the last year or so, since some of
the other coworking spaces have
opened, I’ve noticed that that
word is a little more well-known
by small businesses or people
that come in.”
According to a report by the
U.S. Bureau of Labor Statistics,
40 percent of the U.S. workforce
will be freelancers, temps, inde-
pendent contractors and entrepre-
neurs by the year 2020 — likely
increasing the legitimacy and
familiarity of coworking spaces.
Morris said his goal at Work
Hive is to help small businesses
and freelancers, and based on
demand, it seems he has suc-
ceeded. The Work Hive has dou-
bled its office space every eight
months for the past three years,
according to Morris. The facility
now has two offices housing 40
workstations.
“The time and capital it takes
to set up their own office is par-
ticularly expensive, and if you’re
a startup or small business, you
don’t really know. … You don’t
want to sign a year-long lease or
don’t have a lot of time to look
for an office space,” he said.
Another coworking space
in downtown Salt Lake City
that emphasizes flexibility is
Holodeck by DeskHub.
“What we offer is the ability
on a very low end to come and
just work for the day between
the hours of 9-to-5, with just a
laptop. Then we have plans that
start scaling up to having your
own desk,” said co-founder, Dan
Might, who added that clients
can get a membership to access
the office 24/7.
“It’s yours everyday. You can
leave your own monitor at it, you
can put those desks together with
a team, so that if you’re a grow-
ing team, you can all work next
to each other, and then, all the
way up to a private office, if you
want a team room. It comes with
a closed door and everything like
that, if that is what you need.”
Might emphasized that
coworking makes sense finan-
cially for companies that are
no more than 15 to 20 people
because “there is a break-even
in there.”
Holodeck’s success so far
has resulted in being acquired
by Desk Hub, which has a net-
work of five coworking spaces
— Salt Lake City and Portland;
SanDiego;Scottsdale,Arizona;
and Atlanta.
Although some coworking
spaces are geared to high-tech
gurus, millennials and start-
ups in their early stages, My
Business Bar is a hybrid. It
includes executive suites and
caters to women — although
50 percent of the clients are
men — and second-stage busi-
ness owners.
“We really foster an
environment for women and
business,” founder Kathryn
Christiansen said. “We want it
to be a safe place, our design,
our plan, our meeting space.
It’s all really geared towards
more of a women-owned busi-
ness owner.”
Christiansenregularlyhosts
events, seminars and training
for women in a large confer-
ence space at My Business
Bar.
Although coworking spac-
es in Salt Lake City were rare
when Christiansen opened My
Business Bar in 2012, she is
content to see the idea has
recently taken off.
“These other locations
have been popping up around
SLC, which is fantastic for
me because it’s just adding
credibility to the concept that
I believed in so long ago,” she
said.
Christiansen believes the
concept will continue to grow
because of a growing younger
workforce.
“They have a differ-
ent frame of mind, a differ-
ent ideal,” she said. “You see
these other concepts that feed
off of that sharing economy,
like Uber and GreenBike.
Coworking kind of fits into
that same niche.”
Ian Shelledy, co-found-
er and executive director at
Sustainable Startups, a local
nonprofit organization that
helps support startups and also
offers coworking space, has
his own reservations on wheth-
er the coworking space model
will continue to grow here.
“Coworking took off in
San Francisco, New York and
places like that. One reason is
because they are very dense
and real estate values are very
high, and that is a lot of what
makes coworking make sense
financially,” he said.
“And, we don’t quite have
those prices or that density,
so I’m curious to see if it will
continue to grow here. I hope
it does, but that’s definitely a
question, I think.”

5. The Enterprise - Utah's Business Journal · February 1-7, 2016 · 5
Troy LaFleur
Sauce Masters
Basic Convenience Foods
Troy LaFleur
Sauce Masters
Basic Convenience Foods
Commercial Real Estate
Construction, Development, Equipment
Retail, Multi-Family, Industrial, Hospitality, Office
Financing Utah’s
Secret Sauce
Steve Diamond
801-698-6283
sdiamond@bankofutah.com
The year 2015 was either sta-
ble or strong in Salt Lake County’s
real estate market segments,
according to a year-end report
from Newmark Grubb ACRES.
The company reported heavy
demand for office space in certain
places, a stable retail market, an
industrial segment dominated by
bulk distribution, the most active
commercial investment market in
the state’s history, and land sales
that were “robust.”
OFFICE
After a record-setting 2015,
“there is a general sense among
commercial real estate profes-
sionals that supply cannot keep
up with demand for office space.
However, the hyper-demand is
selective in location and type,”
the company said.
As an example, the South
Valley submarkets have a vacancy
of about 4 percent, but it reaches
about 10 percent in downtown
Salt Lake City.
“Furthermore, only a handful
of large Class A blocks are avail-
able, and many are under negotia-
tion with multiple prospective ten-
ants,” it said. “Including Class B
options does not add many options
either, illustrating that current sup-
ply cannot meet the demand in the
office market.”
About 1.35 million square feet
of office space is under construc-
tion in Salt Lake County, with
nearly 88 percent being Class A
space. Notable buildings under
construction include 111 S. Main
(462,350 square feet); and Towne
Ridge 1 and 2, Vista Station 7 and
Vista Station 4, each consisting of
roughly 125,000 square feet.
“Despite significant construc-
tion, projects are quickly filled,
leaving no ‘balloon’ of vacancy
to hit the market,” the company
said.
Tenants are bucking tradition
by seeking increments of 50,000
square feet or more. Many smaller
tenants as well as larger compa-
nies moving into the market are
now expanding and need much
larger, high-quality space.
The number of office invest-
ment sales is up considerably
since 2014, increasing 78 percent
in 2015 — half of which involved
Class B product.
“With interest rates beginning
to rise, there is a finite window for
owners of office buildings to capi-
talize on this current market,” the
company said. “Now is the time
for office owners to sell, regard-
less of current occupancy levels,
while demand is up and interest
rates are still low enough to not
deter demand.”
RETAIL
Salt Lake County’s retail mar-
ket in 2015 was stable as vacancy
dropped another 3.21 percent dur-
ing the year. That caused average
lease rates to rise higher than in
previous years.
The spiked increase was due
mostly to spaces in the 10,000-to-
20,000-square-foot range. “This
size range ended 2015 with an
average rate more than double the
previous two years,” the company
said. “This increase was primarily
due to users demanding space in
areas experiencing a high volume
in new multi-family development
where the supply for this size
range is very limited.”
Grocery-anchored tenants
have been successful but also have
a strong pipeline of new planned
development.
“Several new grocery stores
are slated to start construction
throughout Utah in 2016, each
with a site plan that includes new
pads and shop spaces,” the com-
pany said. “These projects and
others represent strong opportuni-
ties are still to be found in 2016
for tenants, landlords, and inves-
tors.”
INDUSTRIAL
Bulk distribution again domi-
nated the total industrial market
volume in 2015. About 5 million
square feet was leased last year,
with bulk distribution accounting
for more than 55 percent, its high-
est market since 2012 and up 36
percent during the year.
Large transactions included
those for Enlinx, Haemonetics,
and Exel Inc.
Manufacturing returned to
2013 levels. Medium distribution
was up 46 percent during the year,
reaching its highest level since
2009 and bolstered by transactions
involving Volume Snacks Inc. and
Cascata Packaging LLC.
On the supply side, bulk dis-
tribution accounted for 79 per-
cent of the 2.4 million square feet
delivered in 2015.
“Users continue to demand
state-of-the-art facilities as they
increase focus on site utiliza-
tion, material handling intensive
warehouse uses, and a desire for
reduction of inventory dwell times
at dock positions,” the company
said.
Net absorption dropped to 1.3
million square feet, the lowest
point since 2011.
“Assuming demand levels
stay consistent with the prior three
years, low vacancy and a thriving
bulk distribution market are pre-
dicted for the near horizon,” the
company said.
INVESTMENT
The year 2015 was the most
active commercial investment
market in the state’s history — the
result of increased confidence in
and recognition of Utah’s dynam-
ic business climate, low interest
rates, increasing rental rates, and
poor yields available in alternative
investments.
An abundance of 1031
exchange buyers, capital-heavy
investors, aggressive financing
terms, and overall strong market
fundamentals fueled trade activity
for all investment product types,
the company said.
Verified total transaction vol-
ume hit an all-time high of $1.7
billion last year. For comparison,
volume in Utah in 2009 totaled
only $296 million. This was the
third consecutive year for Utah to
top the $1 billion mark.
Multifamily saw the biggest
increase, up 93.2 percent from
2014, at $644 million for 2015.
Retail investment product is now
relatively scarce, resulting in a
drop from $700 million transac-
tion value in 2014 to $278 million
in 2015.
Overall cap rates in 2015 are
up slightly at 6.89 percent, but that
was more due to a larger number
of Class B and C properties trad-
ing. In actuality, cap rate compres-
sion continued downward, staying
consistent since the pricing bottom
of 2009. Industrial cap rates are
the lowest they have been since
2008 at 7.26 percent while multi-
family cap rates remain steady at
5.74 percent. Retail cap rates con-
tinue to trend downward as well at
7.16 percent while office cap rates
jumped to 7.94 percent from 7.07
percent in 2014.
LAND
The year 2015 saw land sales
be “robust” and kept pace with
expectations.
“All aspects of the market are
in development mode and land
is naturally in demand, resulting
in a definite upward pressure on
prices,” the company said. “Data
indicates that that land prices
along the Wasatch Front have a
steady growth track record and
is expected to continue as Utah’s
population and economy contin-
ues to expand.”
Although not quite reaching
builders’ expectations, residential
lot and home sales remain solid.
Major players have taken large
positions in land, banking on an
extended strong growth cycle.
Raw acreage and improved lot
pricing continues to increase and
is reaching levels last seen during
the 2008 peak. As a result, owners
of multi-use land are selling it as
residential use to maximize price
and shorten the time on market.
“Utah is in a tremendous
development cycle and should
continue in through 2016,” the
company said. “There will be
upward pressure on prices, but
those prices should be constrained
slightly by an increase in building
costs in both residential and com-
mercial arenas.”
Salt Lake City reached a record for real estate investment
sales last year, according to Salt Lake City-based Cushman &
Wakefield/Commerce.
Sales reached nearly $1.9 billion in total volume, barely ahead
of the $1.8 billion record set in 2014.
Total transacted square footage reached more than 8.1 million
last year.
Apartments had another record-setting year, leading all prop-
erty types with 53 transactions totaling nearly $707.1 million.
The largest transaction was The Crossing at Daybreak, a 315-unit
complex selling for an estimated $56 million.
The average transaction size was nearly $8.7 million. Despite
that figure decreasing from 2014 because there were no sales in
excess of $75 million, the total number of transactions increased
dramatically from 170 in 2014 to 216 in 2015.
“With a number of trophy assets changing hands in 2014,
such as the sale of 222 S. Main, buyers in 2015 were left looking
at mid-level investments, resulting in more transactions,” said Kip
Paul, executive director over investment sales with Cushman &
Wakefield/Commerce.
NGA: 2015 another good year for commercial real estate in Salt Lake Co.
Record year for R.E. investment

6. 6 · February 1-7, 2016 · The Enterprise - Utah's Business Journal
Industry Briefs are provided as
a free service to our readers.
Company news information may
be sent to brice@slenterprise.
com. The submission deadline is
one week before publication.
BANKING
• Bank of Utah, Ogden, has
appointed Steven M. Petersen,
Benjamin F. Browning and
Marlin K. Jensen to its board
of directors. Petersen is chairman
of the board of
Petersen Inc. He
is an entrepre-
neur skilled in
product devel-
opment, design
and sales, and
is experienced
in a variety of
markets requir-
ing custom
fabrication and
machining. He
has served as
president of
the Utah Steel
F a b r i c a t i o n
Association,
as a national
board member
of NCCC, and
as a member
of the National
Advisory Board
and board of
trustees of
Weber State
University. He
is also a member of the Weber
County economic development
board, the Association of Iron
and Steel Engineers and is also a
past board member of the Ogden
ChamberofCommerce.Browning,
a great-grandson of bank founder
Frank M. Browning, began his
career at Bank of Utah in 2001 as
a computer specialist and is now
the business optimization direc-
tor of information technology.
Browning earned a Bachelor of
Science degree in business man-
agement from Brigham Young
University and received an MBA
from Utah State University. He
serves on the board of United Way
of Northern Utah and the Ogden
Rotary Club. Jensen is an attorney
who served the Ogden commu-
nity from 1970-1989. He served
for 24 years in the First Quorum
of the Seventy of the Church of
Jesus Christ of Latter-day Saints.
He returned to his law practice in
Ogden when made an Emeritus
LDS Church General Authority
in 2012. His community service
has included being a member of
the Weber County Library Board,
and chairman of the Weber County
Board of Education, the State Fair
Board and the Utah State Liquor
Control Commission. He currently
serves as a member of the Utah
State Board of Regents. Jensen
graduated from BYU in German
and earned a Juris Doctorate from
the University of Utah College of
Law.
• Zions Bancorporation, Salt
Lake City, has announced that its
2016 Biennial Investor Conference
for institutional investors and ana-
lysts will take place Feb. 25 in
Salt Lake City and that a webcast
of the event will be available on
that date beginning at 8:30 a.m.
The webcast can be accessed at
www.zionsbancorporation.com.
The webcast will be archived and
available on the website for 30
days.
CONSTRUCTION
• BHB Consulting Engineers
Inc., Salt Lake City, has reorga-
nized its executive team. Chris
Hofheins will serve as BHB’s
president. Hofheins has 18 years
of structural engineering experi-
ence. He gradu-
ated with his
master’s in
structural engi-
neering from
the University
of Utah in 1999
and received
his Master’s
in Business
Administration
from Brigham
Y o u n g
University in
2003. Don
Barker is the
chief execu-
tive officer. His
structural engi-
neering career
has spanned
four decades.
Jay Miller is
chief operations
officer and has
led BHB’s CAD
d e p a r t m e n t
for the past 14
years. Miller also is a member
of the steering committee for the
NCS (National CAD Standards)
Layer Guidelines and a voting
member on all NCS and NBIMS
projects.
• Morrison Hershfield has
hired Rick Ziegler to help estab-
lish the firm’s
Salt Lake City
office. Ziegler
began his career
in Salt Lake
City as regional
manager of ATI
before relocat-
ingtoNashville,
Tennessee, as a principal with
SSR. He has more than 10 years
of building science experience.
CONTESTS
• Nominations are being
accepted for the Utah Innovation
Awards 2016, organized and host-
edbybusinesslawfirmStoelRives
LLP and the Utah Technology
Council (UTC). Founded in 2002,
the awards highlight cutting-edge
and innovative work being done
in Utah and the creative minds
behind it. Innovations from all
industries and in all areas of tech-
nology and business are eligible
for consideration if they meet
eligibility requirements. Finalists
will be announced the week of
March 21. The nomination form
is at https://utahinnovationawards.
com/official-2016-nomination-
form/. Details are available by
contacting Kelsey Koziar at (801)
428-6320 or Kelsey.koziar@stoel.
com.
DIVIDENDS
• People’s Utah Bancorp,
American Fork, announced that
its board of directors has declared
an increase to its quarterly divi-
dend to 7 cents per common share,
an increase of 16.7 percent over
the prior quarter. The dividend is
payable Feb. 12 to shareholders
of record Feb. 1. The company
also said it will have its annu-
al shareholder meeting at 8 a.m.
May 18 at American Fork City
Hall, 31 N. Church St., American
Fork. People’s Utah Bancorp is
the holding company for People’s
Intermountain Bank, whose divi-
sions are Bank of American Fork
and Lewiston State Bank.
FINANCE
• MX, Lehi, has appointed
Don MacDonald as its first chief
marketing officer. He will lead the
company’s overall marketing and
branding efforts
and will be
instrumental in
developing its
digital money
management,
data and analyt-
ics and custom-
er acquisition
product mar-
keting strategies. MacDonald’s
experience includes more than 20
years at Intel in a variety of roles,
including four years as chief mar-
keting officer. He was the first
CMO at Fiserv and also worked at
Checkpoint and Qualcomm.
• LeisureLink, Salt Lake City,
has closed on a $17 million round
of growth funding. The capital was
provided by Clearstone Ventures,
Kinderhook Industries and
Escalate Capital Partners and
will be used to scale company
operations to meet the demand for
LeisureLink’s services.
GOVERNMENT
• Salt Lake City Mayor Jackie
Biskupski has appointed Julio
Garcia to oversee Salt Lake City’s
Department of Human Resources.
Garcia has spent the majority of
his career working in local gov-
ernment, with a strong empha-
sis on human resources. For five
years, he served as the director of
elections for Salt Lake County. In
2010, he was named the associ-
ate director of human resourc-
es for Salt Lake County. From
2012-2015, he was a member of
the Salt Lake City Civil Service
Commission. He holds a master’s
of public administration from the
University of Utah.
LAW
• Shareholders at Parsons
Behle & Latimer, Salt Lake
City, have elected Raymond J.
Etcheverry, Hal J. Pos, Michael
R. Kealy (Reno office), Michael
P. Petrogeorge and Kristine E.
Johnson as the 2016 board of
directors. Etcheverry will continue
serving as chairman, president and
CEO. He is a member of the firm’s
litigation department and practic-
es in the areas of antitrust, intel-
lectual property, securities, class
action defense and complex busi-
ness litigation. Pos continues as
vice chairman, vice president and
treasurer. He is a member of the
environmental, energy and natural
resources department and concen-
trates his practice on environmen-
talremediationandminingmatters.
Petrogeorge
and Kealy con-
tinue as vice
p r e s i d e n t s .
Petrogeorge is
a member of
the litigation
department and
concentrates
his practice on
real estate liti-
gation and complex commercial
litigation. Kealy is a member of
see BRIEFS next page
HONNEN
EQUIPMENT
1380 S. Distribution Dr., SLC
801-262-7441
Sellyour equipment
with the experts.
rbauction.com
For all your trailer needs
New & Used trailer sales
(Tanks, lowboys, slide axles, belly dumps, tag trailers, vans & flats)
Brands: Heil, J&L, LBT, Landoll, XL Sepicalized, Trailmax, Trailking
State of the art repair & paint facility
Parts sales & show room
COME SEE US!
4285 West 1385 South
Salt Lake City, Utah 84104
1-800-442-6687
www.semiservice.com
www.wheelercat.com
800-662-8650
MSHA Training Available!
Mining Systems
Mining Systems
WHEREVER
THERE’S MINING,
WE’RE THERE.
Steven Petersen
Chris Hofheins
Jay Miller
Don MacDonald
Rick Ziegler
Ben Browning
Industry Briefs
Raymond
Etcheverry
Don Barker
Marlin Jensen

7. The Enterprise - Utah's Business Journal · February 1-7, 2016 · 7
the litigation department and prac-
tices commercial litigation and
real estate liti-
gation. Johnson
continues as
vice president
and secretary.
She is a mem-
ber of the intel-
lectual property
department and
concentrates
her practice
on intellectual
property litiga-
tion, including
patent infringe-
ment and trade
secret litiga-
tion, as well as
maintaining a
commercial litigation practice.
• MacDonald & Miller
Mineral Legal Services PLLC,
Midvale, has hired Thomas W.
“Tom” Clawson in an of-counsel
capacity. Clawson has worked
as a natural
resources and
environmental
lawyer since
1990. He repre-
sents clients in
the areas of oil
and gas, water,
mining, public
lands, real estate development and
environmental law. Clawson most
recently was with Fabian VanCott
and also worked for VanCott,
Bagley, Cornwall & McCarthy
for 24 years. Before practicing
law, Clawson worked for Exxon
Co., U.S.A., as an exploration
geophysicist in Denver, Colo.
and Midland, Texas. He earned
his J.D. from the S.J. Quinney
College of Law at the University
of Utah in 1990.
• John A. Adams of Ray
Quinney & Nebeker has earned
the ANSI-accredited Certified
Information Privacy Professional/
United States
( C I P P / U S )
c r e d e n t i a l
through the
International
A s s o c i a t i o n
of Privacy
Professionals
(IAPP). Adams
joins the ranks
of more than 8,000 profession-
als worldwide who currently
hold one or more IAPP certifica-
tions. Adams, a litigator and for-
mer managing partner of RQ&N,
leads the firm’s Cybersecurity
and Privacy Practice Group.
OUTDOORPRODUCTS/
RECREATION/SPORTS
• Deer Valley Resort will
pay homage to its late director
of skiing, Stein Eriksen, during
the 2016 FIS Visa Freestyle
International Ski World Cup, set
for Feb. 4-6. Eriksen was director
of skiing for more than 35 years.
The Stein Eriksen Celebration
of Life will take place Feb. 4.
The resort will commemorate
Eriksen’s three gold medals at
the 1954 World Championships
in Sweden by contributing $54 of
each lift ticket sold that day to the
Youth Sports Alliance’s (YSA)
Stein Eriksen YSA Opportunity
Endowment Fund. The Stein
Eriksen YSA Opportunity
Endowment Fund is dedicated
to providing support for youth to
participate, learn, compete and
excel in winter sports. Lift tickets
that day will feature a tribute to
Eriksenandacommemorativepin
has been sketched and designed
by Stein Eriksen’s granddaughter
Raymie. For each ticket holder
and daytime World Cup event
attendee, complimentary pins
will be available at resort ticket
offi ces. In addition, some of
Eriksen’s favorite Norwegian
foods will be served at resort
restaurants throughout the day.
Following the aerial event on the
morning of Feb. 4, a celebration
will take place 1:35-2 p.m. at
the World Cup aerial venue
fi nish area, with friends and
family sharing memories and
stories. Aerial demonstrations of
Eriksen’s famous front fl ip will be
performed and a celebration video
will play during the dedication.
REAL ESTATE
• Fairbridge Properties, a
New Jersey-based privately held
real estate investment compa-
ny, has sold the Price Human
Services Building at 475 W. Price
River Drive, Price. The two-story,
37,829-square-foot building was
sold at 100 percent occupancy.
After acquiring the building in
2013, Fairbridge began a preven-
tative maintenance program that
included a landscaping overhaul
and major improvements to the
façade. Most recently, the firm
completed the installation of a
21,622-square-foot roofing sys-
tem. Fairbridge also implemented
the Internet-based Angus work
order system, which increased
management efficiency. Tenants
include the Utah attorney gener-
al’s office; the Utah Department
of Workforce Services; the Utah
Department of Family and Child
Services;andtheUtahDepartment
of Rehabilitation Services, which
signed a five-year lease extension
last summer.
• New American Funding,
a national mortgage broker,
has opened an office at 335 E.
St. George Blvd., No. 202, St.
George. The branch will offer a
variety of mortgage services to
consumers and real estate agents
facilitating home purchase loans
in the St. George area and sur-
rounding cities. The branch man-
ager is Natalie Drake. She has
more than 20 years of experience
in the mortgage industry.
RECOGNITIONS
• The Ogden/Weber
Chamber of Commerce has
announced award recipients and
finalists that will be honored at
the chamber’s 99th annual din-
ner Feb. 5. The Wall of Fame
honorees are Jim and Norma
Kier. The Sue Westenskow
Education recipients are Stephen
G. and Susan Denkers Family
Foundation and Willard L.
Eccles Charitable Foundation.
Kristie Nielsen of Weber State
University is the recipient of the
Women in Business Athena
Award. Nominees for Business
of the Year are American
Nutrition Inc., Davis Hospital
and Medical Center and
Fresenius Medical Care Inc.
Nominees for Small Business of
the Year are Raymond James
Financial, Wasatch Pharmacy
Care and Zucca. Nominees
for Volunteer of the Year are
Carson Artzt, Utah Direct;
Kearston Cutrubus, Cutrubus
Motors; and Jacqueline Hoff,
Mansell Real Estate. Nominees
for Chairperson of the Year are
Eric Isom, Legislative Affairs;
Sheryl Cox, Top of Utah Military
Affairs; and Debbie Williams,
Spikers.
• Hoby Darling, chief execu-
tive officer of Skullcandy, has
been ranked No. 15 in a list of
micro cap U.S. CEO rankings
compiled by ExecRank. He is
the only Utah CEO in the top
25. ExecRank produces C-suite
executive rankings based on sta-
tistical and algorithmic analysis
of executive performance across
24 areas.
• Nu Skin Enterprises Inc.
and USANA Health Sciences
have been named among seven
of the nation’s best places to
work within the direct selling
industry by Direct Selling News.
The inaugural contest was run
through Quantum Workplace
and was open to all direct sell-
ing companies headquartered in
North America with 50 or more
corporate employees.
• CertCentral, the certificate
platform from DigiCert, Lehi, has
been named a finalist for Internet
ofThings(IoT)SecurityProduct
Excellence in Info Security
Products Guide’s annual Global
Excellence Awards. Winners
will be announced Feb. 29 in
San Francisco. CertCentral han-
see BRIEFS pg. 12
from previous page
Industry Briefs
Donuts Brownies Fritters
Turnovers Muffins
Family Owned & Operated
2278 So. Redwood Road
801-975-6381
M-F 5:00 am – 2:30 pm & Sat. 7:00 am – noon
MMMM…
Mondays!
M
TASTY
Tuesdays!
WOW
Wednesdays!
TWISTY
Thursdays!
FRITTER
Fridays!
SPRINKLES
Saturdays!
Every day is a great day . . .
with Darla’s Donuts!
RyanJohnson
Office:801.978.3300
Cell:801.699.7614
Rjohnson@wrsrents.com
www.wrsrents.com
1125 Legacy View Street, Salt Lake City, UT 84104
Dozers
Excavators
Scrapers
Water Equipment
Fuel/Lube Trucks
Articulated Trucks
Dump Trucks
Demo Equipment
Wheel Loaders
Mining Equipment
JUST RENT IT.JUST RENT IT.JUST RENT IT.JUST RENT IT.JUST RENT IT.
DENVER GRAND JUNCTION SALT LAKE CITY 801.978.3300
HOUSTON 888.997.3687 HOBBS LUBBOCK ALBUQUERQUE 505.897.5929
LAS VEGAS DICKINSON 701.483.9494 DURANGO 970.426.8071 CASPER 307.234.7777
TOLL FREE 888.997.3687 I RENTALS@WRSRENTS.COM I WWW.WRSRENTS.COM
RPOs Available on all Rentals
SaltLakeCity
Office:801.978.3300
Fax:801.978.3777
www.wrsrents.com
Everything for the
Contractors
We rent the best
4343 Century Drive
Salt Lake City, UT 84123
801- 262-5761
www.centuryeq.com
Hal Pos Michael Kealy
Michael
Petrogeorge
Thomas Clawson
John Adams
Kristine Johnson

8. 8 · February 1-7, 2016 · The Enterprise - Utah's Business Journal
RICH
TYSON
Wasatch Electric
An EMCOR Company
2455 West 1500 South, Suite A | Salt Lake City, UT 84104
T: (801) 487-4511 | F: (801) 487-5032
www.wasatchelectric.com
“Those at the top of the
mountain didn’t fall there.”
~Author Unknown
In recent articles, I have
referenced my PACER Action
Model: Plan, Act, Control,
Evaluate, Revise/Reward. I have
found that this simple acronym,
when followed diligently and
consistently, is an
exceptional leader-
ship tool that provides
a path to successful
execution.
The leader who
employs the PACER
Model must recognize
that each element of
the process has its own
unique characteristics and con-
siderations.
In managing the first ele-
ment, Plan, it is important to
know that organizational plan-
ning should involve strategic,
long-term perspectives, as well
as short-term, day-to-day plans.
In this regard, I remind my CEO
clients that they have the chal-
lenge of leading their compa-
nies from both the 50,000-foot
and ground-level perspectives.
However, for today I’m focus-
ing on the big picture.
Planning at this level
demands a focus on the shared
vision that drives the business.
Too often, that vision is not
shared by the executives and
employees of the company. This
inevitably robs an organization
of a common focus, of
clarity regarding why
the business exists.
Best-selling
author Simon Sinek
correctly admonishes
us to “start with why.”
He states, “People
don’t buy what you do;
they buy why you do
it.” This applies to both custom-
ers who open their wallets to
you and your team who must
buy into the why. Leaders who
desire to inspire enthusiasm,
energy and highly engaged exe-
cution recognize the need to
create shared vision.
The CEO of one of my cli-
ents recognized the importance
of creating shared vision in his
apartment business that rents
primarily to college students.
In meeting with his key exec-
utives, he asked first, “What
business are we in?” The answer
was predictable: “We are in the
apartment rental business.”
In his critical role of facili-
tator, he then asked, “Why are
we in that business?” While
the answers were first about
making money, eventually the
team agreed that they were in
business to create a great school
year for their residents.
This compelling “why” led
to an energetic discussion about
what to do and how to do it,
both in this initial discussion
as well as in virtually every
executive and employee meet-
ing thereafter.
Jim Collins, in his best-sell-
ing book Good to Great, talks
about the “hedgehog” concept.
This is his term for the three
key elements of a strong shared
vision: 1. It constitutes the pas-
sion of the team, 2. It is some-
thing they can be the best in the
world at, and 3. It has a strong
economic engine.
The economic engine is
where planning at the 50,000-
foot level should proceed once
the team has worked together
in creating the company vision.
The long-term plan must clearly
demonstrate that shared expec-
tations include financial suc-
cess, which includes identifying
the specific reasons customers
will willingly pay for products
or services. Those reasons must
be clearly understood; they con-
stitute what the company deliv-
ers, your unique value proposi-
tion, and your promise to those
who buy from you.
Next, facilitated discus-
sion should set forth the key
operational activities that deliv-
er desired customer outcomes.
The question here is, what spe-
cific operations deliver what
the customer wants? Further,
what constitutes the operating
effectiveness and efficiency that
will deliver those customer out-
comes? Beyond that, discussion
should include how the orga-
nization trains and develops its
people to assure that they oper-
ate effectively and efficiently.
Finally, the executive team
should define key company
functions, assess how well they
are staffed and where recruit-
ment will be required in the
future. The team should agree
on the recruitment process that
is most likely to deliver the
best candidates to create oper-
ating, customer and financial
outcomes.
If you have yet to do so, I
recommend thoroughly address-
ing the 50,000-foot issues with
your executive team as soon
as possible. Having done so,
reviews of these high-level
plans should be revisited no less
often than annually.
It is essential to remember
that this focus on overarching
strategic plans is the first step in
planning — and planning is the
initial step in the PACER Action
Model. While it is tempting to
move quickly into action, it is
important to recognize that exe-
cution will be far more effective
if day-to-day planning is also
addressed. More on this in my
next article.
Richard Tyson is the founder,
principal owner and president
of CEObuilder, which provides
forums for consulting and coach-
ing to executives in small busi-
nesses.
Engage your team now in planning from a 50,000-foot perspective

9. The Enterprise - Utah's Business Journal · February 1-7, 2016 · 9
see CALENDAR page 12
Calendar
Calendar listings are provided
as a free service to our read-
ers. Information about upcoming
events may be sent to brice@
slenterprise.com. The submission
deadline is one week before pub-
lication.
Feb. 2-4
Utah STEM Fest 2016,
allowing students to engage in
interactive experiences and dis-
cover career opportunities in a
science, technology, engineering
or math field while also network-
ing with some of Utah’s top sci-
ence and technology companies.
Companies can exhibit and show
students what a STEM career
might look like. Location is South
Towne Expo Center, 9575 State
St., Sandy. Details are at http://
utahstemfest.com/.
Feb. 3-6
RootsTech 2016, a fam-
ily history event hosted by
FamilySearch. Event features
speakers, more than 200 classes
and exhibits. Keynote speakers
include David Isay, founder of
StoryCorps; former Utah Gov.
Mike Leavitt, founder and chair-
man of Leavitt Partners; Steve
Rockwood, managing director of
the Family History Department
and president and chief execu-
tive officer of FamilySearch
International; Paula Madison,
chairman and chief execu-
tive officer of Madison Media
Management LLC; Bruce Feiler,
writer of “This Life” column for
the Sunday New York Times; and
Doris Kearns Goodwin, presiden-
tial historian and author. Location
is the Salt Palace Convention
Center, 100 S. West Temple, Salt
Lake City. Pass costs vary. Details
are at www.rootstech.org.
Feb. 3, 8:30-10 a.m.
“Jump Start: Intro to
Entrepreneurship,” a Salt Lake
Chamber event. Presenter is Deb
Bilbao, business consultant at
the Women’s Business Center.
Location is Salt Lake Chamber,
175 E. 400 S., Suite 600, Salt
Lake City. Free. Details are at
slchamber.com.
Feb. 4, 8-10 a.m.
“H-1B Sponsorship,” a
Mountain States Employers
Council (MSEC) event featuring a
discussion about H-1B processing
and selection, including the latest
updates. Location is the MSEC
Utah office, 175 W. 200 S., No.
2007, Salt Lake City. Cost is $79
for members. Details are at ecu-
tah.org.
Feb. 4, 11:30 a.m.-1 p.m.
Centers of Influence
Networking Luncheon, a West
Jordan Chamber of Commerce
event. Location is Red Lantern,
1330 W. 9000 S., West Jordan.
Cost is $15 for chamber members,
$20 for nonmembers. Details are
at westjordanchamber.com.
Feb. 4, 6:30-7:30 p.m.
“Communicating to a
Diverse Audience,” part of a
Cottonwood Heights Business
Boot Camp series titled
“Developing Communication
Skills.” Presenter is Kelvyn
Cullimore Jr., Cottonwood
Heights mayor and chief executive
offi cer of Dynatronics. Location is
Cottonwood Heights City Hall,
1265 E. Fort Union Blvd., fi rst
fl oor, Cottonwood Heights. Free.
Registration for individual classes
or all the remaining courses is
available by contacting pkinder@
ch.utah.gov or (801) 944-7067.
Feb. 5, 9 a.m.-4 p.m.
“Personal Sales Dynamics:
Winning the Infinite Game
of Profitable Business
Relationships,” a workshop about
attracting, converting and retain-
ing more client relationships more
profitably, and why the quality and
quantity of business relationships
are critical to success. Location
is Holiday Inn Express, 5496 S.
Commerce Drive, Murray. Cost
is $149.95. Details are at www.
personalsalesdynamics.com/psd-
workshop or (801) 792-7929.
Feb. 5, 6-9 p.m.
99th Annual Dinner, an
Ogden/Weber Chamber of
Commerce event. Activities
include a social hour at 6 p.m.,
formal dinner at 7 p.m., guest
speakers and awards ceremony
to honor chamber members for
outstanding contributions during
the year. Location is the Ogden
Eccles Conference Center, 2415
Washington Blvd., Ogden. Cost
is $75. Details are at ogdenweber-
chamber.com.
Feb. 9, 7-8:30 p.m.
“How Preferred Stock
Works,” a sample class and
information session presented by
Startup Ignition. Open to every-
one. Location is the Startup
Building, first floor, 560 S. 100
W., Provo. Free. Registration can
be completed at Eventbrite.com.
Feb. 9, 11:30 a.m.
“Start Up Nation Meets the
Silicon Slopes of Utah,” featuring
Gov. Gary Herbert and local busi-
ness leaders discussing potential
business collaboration between
Utah and Israel. Location is Zions
Bank Building, 18th Floor, 1 S.
Main St., Salt Lake City. Cost is
$35. RSVPs can be completed by
calling Michelle Roper at (801)
799-7208.
Feb. 10, 3-5 p.m.
“You’re Not a Super Hero:
Build a SpecialAdvisory Board,”
a Salt Lake Chamber “Business
Essentials” event. Location is Salt
Lake Chamber, 175 E. 400 S.,
Suite 600, Salt Lake City. Cost is
$10. Details are at slchamber.com.
Feb. 11, 8 a.m.-5 p.m.
32ndAnnualInvestorsChoice
Venture Capital Conference,
a Wayne Brown Institute event
designed to help emerging compa-
nies improve their business pitch,
gain business insight and attract
potential investors. Location is
Grand America Hotel, 555 S. Main
St., Salt Lake City. Registration
can be completed at Eventbrite.
com.
Feb. 11, 11 a.m.-1 p.m.
Business Matters Luncheon,
a multichamber function hosted
by ChamberWest. Speaker Tony
Passey, chief executive officer of
Firetoss and marketing professor
at the University of Utah’s Eccles
School of Business, will dis-
cuss “Strategies for Your Digital
Marketing.” Location is University
of Utah Health Care in Daybreak,
5126 Daybreak Parkway, South
Jordan. Cost is $20 with pre-regis-
tration, $30 at the door. RSVPs can
be completed by contacting Susan
at (801) 280-0595 or susan@swv-
chamber.org.
Feb. 11, 11 a.m.-2 p.m.
“Strategies for Selling Your
Business,” a luncheon workshop
teaching the tools to help achieve
top value when selling a business.
Topics include legal and account-
ing strategies and priorities, mini-
mizing your tax burden, charitable
gifting options, loans as an alter-
native to selling, managing your
liquidity, and estate and retire-
ment strategies. Location is Zions
Bank Founder’s Room, 1 S. Main
St., Salt Lake City. Details are at
https://onedrive.live.com/survey?r
esid=b0a6e6f010c74334!626&aut
hkey=!AIJ1kjNqJxVx0lw.
Feb. 11, 11:30 a.m.
2016 PeakAwards Luncheon,
a Sandy Chamber of Commerce
event. Keynote speaker David
Bradford will discuss “Six Ways
to Create a Multi-Million-Dollar
Company in Utah.” Location is
Salt Lake Community College’s
Karen Gail Miller Conference
Center, 9750 S. 300 W., MCPC,
Room 333, Sandy. Details are at
sandychamber.com.
Feb. 11, 11:30 a.m.-1 p.m.
February Luncheon, a
Building Owners & Managers
Association (BOMA) Utah event.
Location is Marriott, 220 S.
State St., Salt Lake City. Speaker
Juliette Tennert, director of eco-
nomic and public policy research
at the David Eccles School of
Business, will discuss “The State
of the Economy.” Free for BOMA
members, $35 for member guests,
$50 for nonmembers. Registration
deadline is Feb. 8. Details are at
www.bomautah.org.
Feb. 11, 6:30-7:30 p.m.
“Six Approaches for More
Powerful Communication,”
part of a Cottonwood Heights
Business Boot Camp series titled
“Developing Communication
Skills.”PresenterisBethStrathman
of Firebrand Consulting. Location
is Cottonwood Heights City Hall,
1265 E. Fort Union Blvd., fi rst
fl oor, Cottonwood Heights. Free.
Registration for individual classes
or all the remaining courses is
available by contacting pkinder@
ch.utah.gov or (801) 944-7067.
Feb. 16, 7:30-9 a.m.
Breakfast of Champions,
a Sandy Area Chamber of
Commerce event. Speaker is
Bryan Brandenburg, an entrepre-
neur, marketing expert and scien-
tist. Location is Mountain America
Credit Union Tanner Building,
7167 S. Center Park Drive, West
Jordan. Details are at sandycham-
ber.com.
Feb. 16, 11:30 a.m.-1 p.m.
Business Women’s Forum
(BWF) Luncheon, a Salt Lake
Chamber event. Theme is “Sweet
Success,” focusing on Women’s
Business Center clients. Location
is the Salt Lake Chamber, 175 E.
400 S., Suite 600, Salt Lake City.
Details are at slchamber.com.
Feb. 17, 8-9:30 a.m.
“Recent Developments
Regarding Pregnancy Dis-
crimination and Accom-
modations,”anEmployersCouncil
(EC) event. Diane Waters, staff
attorney at the Mountain States
Employers Council, will discuss a
2015 U.S. Supreme Court case and
subsequent Equal Employment
Opportunity Commission guid-
ance on pregnancy discrimination
and accommodation. Location is
Red Lion Hotel, 161 W. 600 S.,
Salt Lake City. Cost is $99 for EC
members, $139 for nonmembers.
Details are at ecutah.org.
Feb. 18, 11:30 a.m.-1 p.m.
Athena/Women in Business
Luncheon, a Davis Chamber of
Commerce event honoring the
recipient of the chamber’s annual
Athena Award. This year’s recipi-
ent is Becky Anderson, executive
director of the nonprofit orga-
nization Anything For a Friend.
Location is the Davis Conference
Center, 1651 N. 700 W., Layton.
Cost is $20 for members, $25
for nonmembers. Details are at
davischamberofcommerce.com, at
(801) 593-2200 or morgan@davis-
chamberofcommerce.com.
Feb. 18, 6:30-7:30 p.m.
“Effective Communicating
& Coaching a Successful Team,”
part of a Cottonwood Heights
Business Boot Camp series titled
“Developing Communication
Skills.” Presenter is Jeff Olpin of
Positively Critical. Location is
Cottonwood Heights City Hall,
1265 E. Fort Union Blvd., fi rst
fl oor, Cottonwood Heights. Free.
Registration for individual classes
or all the remaining courses is
available by contacting pkinder@
ch.utah.gov or (801) 944-7067.
Feb. 20, 9 a.m.
AnnualLegislativeBreakfast,
a Murray Area Chamber of
Commerce event in partner-
ship with Intermountain Medical
Center and featuring an update on
the 2016 legislative session and
an opportunity to ask legislators
about issues. Open to the public.
Location is 5121 S. Cottonwood
St., Building 6, Murray. Details
are available by contacting Bryant
Larsen at (801) 507-7457.
Feb. 23, 8-11 a.m.
“FMLA in the Real World:
Basic HR Administration
Practices,” a Mountain States
Employers Council (MSEC) event.
Location is the MSEC office, 175
W. 200 S., No. 2007, Salt Lake
City. Cost is $130 for members.
Details are at ecutah.org.
Feb. 23, 11:30 a.m.-1 p.m.
Women in Business
Luncheon, a Sandy Area Chamber
of Commerce event. Location to
be announced. Cost is $20 for
members, $25 for nonmembers.
Details are at sandychamber.com.
Feb. 24, 3-5 p.m.
“The Greatest Buyer on
Earth: Sell to the Government,”
a Salt Lake Chamber “Business
Essentials” event. Location is Salt
Lake Chamber, 175 E. 400 S.,
Suite 600, Salt Lake City. Cost is
$10. Details are at slchamber.com.
Feb. 25, 6:30-7:30 p.m.
“How to Network Effect-
ively,” part of a Cottonwood
Heights Business Boot Camp series
titled “Developing Communication
Skills.” Presenter is Karin Palle of
Advanced Business Consulting.
Location is Cottonwood Heights
City Hall, 1265 E. Fort Union
Blvd., fi rst fl oor, Cottonwood
Heights. Free. Registration for
individual classes or all the
remaining courses is available by
contacting pkinder@ch.utah.gov
or (801) 944-7067.

10. 10 · February 1-7, 2016 · The Enterprise - Utah's Business Journal
Opinion
THOMAS
SOWELL
see ZAKARIA page 12
In recent years, a small but growing
number of people have advocated a conven-
tion of states to propose amendments to the
Constitution of the United States. The reac-
tion to the proposal has been hostile, out of
all proportion to either the originality or the
danger of such a convention.
The political left has been
especially vehement in its denun-
ciations of what they call “messing
with the Constitution.” A recent
proposal by Gov. Greg Abbott
of Texas to hold a Constitutional
convention of states has been
denounced by the Texas branch
of the American Civil Liberties
Union and nationally by an edito-
rial in the liberal USA Today.
The irony in all this is that no one
has messed with the Constitution more or
longer than the political left, over the past
hundred years.
This began with Progressives like
Woodrow Wilson, who openly declared the
Constitution an impediment to the kinds
of “reforms” the Progressive movement
wanted, and urged judges to “interpret” the
Constitution in such a way as to loosen its
limits on federal power.
It has long been a complaint of the
left that the process of amending the
Constitution is too hard, so they have
depended on federal judges — especially
Supreme Court Justices — to amend the
Constitution, de facto and piecemeal, in a
leftward direction.
This judicial amendment process has
been going on now for genera-
tions, so that today government
officials at the local, state or
national level can often seize pri-
vate property in disregard of the
Fifth Amendment’s protections.
For nearly 40 years, the
Supreme Court has been evading
the 14th Amendment’s provision
of “equal protection” of the law
for all, in order to let government-imposed
group preferences and quotas continue,
under the name of “affirmative action.”
Equal rights under the law have been
made to vanish by saying the magic word
“diversity,” whose sweeping benefits are
simply assumed and proclaimed endlessly,
rather than demonstrated.
The judicial pretense of merely “inter-
preting” the Constitution is just part of the
dishonesty in this process. The underlying
claim that it is almost impossible to amend
the Constitution was belied during the very
years when the Progressive movement was
getting underway in the early 20th century.
The Constitution was amended four
times in eight years! Over the years since
it was adopted, the Constitution has been
amended more than two dozen times. Why,
then, is the proposal to call a convention of
states to propose — just propose — amend-
ments to the Constitution considered such a
radical and dangerous departure?
Legally, it is no departure at all. The
Constitution itself lists a convention of
states among the ways that amendments
can be officially proposed. It has not yet
been done, but these proposals will have to
be put to a vote of the states, three-fourths
of whom will have to agree before any
amendment can become law.
Is it better to have the Constitution
amended de facto by a 5-to-4 vote of the
Supreme Court? By the unilateral actions
of a president? By administrative rulings by
anonymous bureaucrats in federal agencies,
to whom federal judges “defer”?
The idea that a convention of states
could run amok and rewrite the Constitution
overlooks the fact that it would take the
votes of two-thirds of the states just to con-
vene a convention, and then three-fourths
of the states to actually pass an amend-
ment.
Far from proposing radical depar-
tures from the Constitution, most of Gov.
Abbott’s proposed amendments would
restore Constitutional protections that have
been surreptitiously eroded by unelected
federal judges and by unelected bureaucrats
in administrative agencies, who create a
major part of “the law of the land,” with the
help of “deference” from federal judges.
Why are “We the People” to be kept out
of all this, through our elected representa-
tives, when these are the very words with
which the Constitution of the United States
begins?
Despite the left’s portrayal of them-
selves as champions of the people, they
consistently try to move decisions out of
the hands of the general public and into the
hands of officials insulated from the vot-
ers, such as unelected federal judges and
anonymous bureaucrats with iron-clad job
protection.
No wonder they don’t want to have a
convention that would restore a Constitution
that begins with “We the People.”
Thomas Sowell is a senior fellow at the
Hoover Institution, Stanford University. His
website is www.tsowell.com.
COPYRIGHT 2016 CREATORS.COM
Conversations at the World Economic
Forum in Davos might begin with the glob-
al economy, but sooner or later they turn
to Donald Trump. The Republican primary
contest has gotten everyone’s attention.
Some remain entertained, but many of the
people I’ve spoken with are wor-
ried. As one European CEO said
to me, “We’re moving into a very
difficult world. We need grown-
ups in charge.”
That sense of a “difficult
world” is palpable. There is more
anxiety in the air than any time
since the global financial cri-
sis. The worry is reflected in the
world’s stock markets, which have
collectively lost trillions of dollars since the
start of the year. People still believe that
the worst will not come to pass — China
will not crash, America will not fall into a
recession, Europe will not come apart. But
in recent years, the conventional wisdom
has been wrong on so many issues.
Roger Altman, former deputy treasury
secretary, pointed out to me that few experts
predicted oil and commodity prices would
collapse or that growth would slump in
China and crater in Brazil, South Africa and
many other emerging markets. No one saw
that, even as America achieved full employ-
ment, wages would not rise, inflation would
stay stubbornly muted, and interest rates
would remain low. And no one predicted
the rise of the Islamic State or its ability to
inspire terror attacks in countries far outside
the Middle East.
Altman wonders whether we have
finally arrived at the moment predicted in
Alvin Toffler’s 1970 book Future Shock,
when the global system is so complex and
changing so fast that it outpaces any ability
to analyze and understand it.
Many of the trends now afoot, interact-
ing with each other, could move
faster and further than people
realize. As the stock market falls,
businesses and consumers get
worried and pull back, spending
less and saving more. A fall in oil
prices is generally good for all
countries except the major pro-
ducers of petroleum. But a fall
this far, this fast could produce
a credit crisis and a deflationary
spiral.
And technological innovation is not
quite a silver bullet to achieve broad-based
prosperity. It is clear that dramatic improve-
ments in technology, especially software,
do not translate easily into wage increases
for the average worker. We’re even seeing
high-tech products cannibalize each other.
The digital camera was the way of the
future, destroying old-fashioned film. But
now camera sales are collapsing as phones
have more than enough camera power for
most people.
I don’t know where it all goes. But
in periods like this, open systems like
America’s will do better than closed ones.
The United States often looks like a dys-
functional country because all its prob-
lems are on display and debated daily.
Everything — economic strategy, monetary
policy, homeland security, police practices,
America's system is adaptable: Can political turmoil be a sign of strength?
infrastructure — is out there and open for
constant criticism.
But this transparency means that people
have information, and it forces the country
to look at its problems, grapple with them
and react. While it’s a messy, sometimes-
ugly process, the American system takes in
a lot of diverse, contradictory information
and responds. It seems dysfunctional but it
is actually highly adaptive.
Closed systems often look much bet-
ter. A country like China, with its tightly
centralized decision-making, has been the
envy of the world. People across the globe
have marveled at the government’s ability
to make decisions, plan for the future and
build gleaming infrastructure. And when
China was growing, we all were amazed
by the efficiency of the system. But now
that growth has stalled, no one is sure
why, what went wrong, who’s to blame,
or whether it is being fixed. A black box
produces awe when things go well. But
when they don’t, that same opacity causes
anxiety and fear.
The biggest question about the world
economy right now is: What is going on
inside China’s black box? The country
FAREED
ZAKARIA
Left doesn't want a convention that would restore 'We the People'

11. The Enterprise - Utah's Business Journal · February 1-7, 2016 · 11
Opinion
MARK
LUND
THE PREMIER PROVIDER FOR COMMERCIAL REAL ESTATE EDUCATION
Week 1 – 4: Online Learning Experience
February 23 - March 15, 2016
• Weekly instructor-led virtual classroom sessions
• Complete eLearning interactive activities
• Complete real-world application activities
• Check your knowledge by completing multi-point assessments
• Have online discussions with students throughout
• Have online instructor guidance and feedback throughout
Week 5: Traditional Classroom Experience
March 21 - 22, 2016 , Salt Lake City
• Meet in traditional classroom setting for one-and-a-half days
• Apply and reinforce learned skills in a Capstone event
• Collaborate face-to-face with classmates
and instructors met online
• Networking opportunity with
classmates, instructors,
course host members
Combining the best of both online and face-to-face
learning experiences. Providing real-world applications
from the industry’s top practitioners.
Blended Learning
Salt Lake City, UT
REGISTER NOW!
Course is Filling up.
To learn more visit ccim.com/blended101ut or call (800) 621-7027, Option 2
When all the numbers are in, January
may prove to be the worst month for stocks
in eight years. The S&P 500 recently cor-
rected for the second time in five months.
If a bear market is truly on the horizon,
it may not last very long — the 12 bear mar-
kets recorded since the end of World War II
have averaged 367 days in duration.
How far would stocks have to
fall for a bear market to begin?
Should the S&P close at 1,708 or
below, you would have an “official”
bear market on Wall Street — a
20 percent fall of that index from
its most recent peak. As January
drew to a close, the S&P was above
1,800.
While the S&P, Dow Jones
Industrial Average and Nasdaq Composite
all corrected in January, the damage to the
small caps has been worse. The Russell
2000 is now in a bear market, off more
than 20 percent from its June 2015 high.
On Jan. 20, the MSCI All-Country World
index went bear, joining the Nikkei 225,
TSX Composite, Hang Seng and Shanghai
Composite.
Where is the bottom? We may not be
there just yet. For the market to stabilize or
rebound, institutional investors must accept
(or at least distract themselves from) three
realities that have been hard for them to
stomach:
Oil prices may remain under $50 all
year. Earlier this month, the Wall Street
Journal asked 12 investment banks to proj-
ect the average crude oil price across 2016.
Their consensus? West Texas Intermediate
crude will average $48 in 2016; Brent crude
will average $50. Oil price fore-
casts are frequently off the mark,
however, and if the oil glut per-
sists, prices may take months to
regain those levels. Saudi Arabia
and Russia are not cutting back
output, as they want to retain
market share. With embargoes
being lifted, Iran is set to export
more oil. U.S. daily oil output
has fallen by only 500,000 bar-
rels since April.
China’s manufacturing sector may
never again grow as it once did. Its leaders
are overseeing a gradual shift from a robust,
manufacturing-centered economy to a still-
booming economy built on services and
personal consumption expenditures. The
nation’s growth rate has vacillated between
4 percent and 15 percent since 1980, but for
most of that time it has topped 8 percent.
In 2015, the Chinese economy grew only
6.9 percent by official estimates (which
some observers question). The International
Monetary Fund forecasts growth of just 6.3
percent for China in 2016 and 6.0 percent
in 2017. Stock and commodity markets
react quickly to any sputtering of China’s
economic engine.
The Q4 earnings season looks to be soft.
A strong dollar, the slumping commodities
sector and the pullback in U.S. stocks have
all hurt expectations. A note from Morgan
Stanley struck a reasonably positive chord
at mid-month in January, however, stating
that “a lowered bar for earnings should be
cleared” and that decent Q4 results could
act as “a catalyst to calm fears.”
What developments could help turn
things around this quarter? OPEC could cut
oil output, Chinese indicators could beat
forecasts and corporate earnings could sur-
prise to the upside. If these seem like long
shots to you, they also do to economists.
Still, other factors could emerge. Central
banks could take further action. Since
China’s 6.9 percent 2015 GDP came in
below projections, its leaders could autho-
rize a stimulus. The European Central Bank
could increase the scope of its bond buying
and the Federal Reserve could hold off on
tightening further in the first half of the
year. If the next Fed policy statement notes
that Fed officials are taking extra scrutiny
in light of recent events, it could be reas-
suring. Any statement that could be taken
as “second thoughts” about raising interest
rates would not be reassuring.
U.S. GDP could prove better than
expected. The Atlanta Fed thinks the econ-
omy grew 0.6 percent in Q4 and Barclays
believes Q4 GDP will come in at 0.3 per-
cent. If the number approaches 1 percent,
it could mean something for investors.
Moving forward, if the economy expands
at least 2.5 percent in Q1 and Q2 (which it
very well might), it would say something
about our resilience and markets could
take the cue. Other domestic indicators
could also affirm our comparative eco-
nomic health.
While the drama on Wall Street is high
right now, investors would do well not to
fall prey to emotion. As Jack Bogle told
CNBC on Jan. 20, “In the short run, listen
to the economy; don’t listen to the stock
market. These moves in the market are like
a tale told by an idiot: full of sound and
fury, signaling nothing.”
As for me, I’m focused on the next
20, years not the next 20 days. Remember,
investing is a long-term approach. Embrace
the down times,;that's when we want to
buy.
Mark Lund is the author of The Effective
Investor and provides 401(k) consulting for
small businesses and investment advisory
services for individuals through Stonecreek
Wealth Advisors in Utah.
When will stocks stabilize? How deep will this correction ultimately be?

12. 12 · February 1-7, 2016 · The Enterprise - Utah's Business Journal
March 23, 2-5 p.m.
“Pitch Perfect: Master Your
Two-Minute Funding Pitch,”
a Salt Lake Chamber “Business
Essentials” event. Location is the
Salt Lake Chamber, 175 E. 400
S., Suite 600, Salt Lake City. Cost
is $10. Details are at slchamber.
com.
March 24, 8 a.m.-4 p.m.
“Supervision: Your First
90 Days — How to Survive,”
a Mountain States Employers
Council (MSEC) event. Location
is MSEC office, 175 W. 200 S.,
Salt Lake City. Cost is $185.
Details are at msec.org.
March 30, 3-5 p.m.
“Think, Write, Get Funded
… Your Business Plan,” a
Salt Lake Chamber “Business
Essentials” event. Location is the
Salt Lake Chamber, 175 E. 400
S., Suite 600, Salt Lake City. Cost
is $10. Details are at slchamber.
com.
March 31, 8 a.m.-3:30 p.m.
“Unemployment Insurance:
Challenging Claims and
Controlling Costs,” a Mountain
StatesEmployersCouncil(MSEC)
event. Location is MSEC office,
175 W. 200 S., Salt Lake City.
Cost is $186. Details are at msec.
org.
April 5, 8-11:30 a.m.
“Interviews: Building
Questions and Preparing
Effectively,” a Mountain States
Employers Council (MSEC)
event. Location is the MSEC Utah
office, 175 W. 200 S., Suite 2005,
Salt Lake City. Cost is $130.
Details are at msec.org.
April 12, 6-9 p.m.
Giant in Our City 2016, a
Salt Lake Chamber event. Award
recipient is Ron Jibson, Questar
Corp. chairman, president and
chief executive officer. Activities
include a 6 p.m. reception and
7 p.m. dinner and program.
Location is the Grand America
Hotel, 555 S. Main St., Salt Lake
City. Individual seats cost $250.
Details are at slchamber.com.
April 14-15
10th Annual Utah Economic
Summit, hosted by Gov. Gary
Herbert. Theme is “Innovate
Utah.” Activities begin with
April 14 preconference reception
at the Lassonde Institute at the
University of Utah, featuring a
panel with Jamie Diamond, CEO
Chase; Josh Coates, Instructure;
and Aaron Skonnard, Pluralsight.
April 15 summit is 8 a.m.-3:30
p.m. and will feature keynote
speakers, workshops, lunch and
awards. Location is the Grand
America Hotel, 555 S. Main St.,
Salt Lake City. Cost is $175.
Details are at utaheconomicsum-
mit.com.
April 20, 8-9:30 a.m.
“Independent Contractors:
Reap the Rewards Without the
Risks,” an Employers Council
(EC) event. Nick Haynes, staff
attorney at the Mountain States
Employers Council, will discuss
the various tests used to determine
whether a worker is correctly clas-
sified as a contractor and provide
tips for drafting enforceable inde-
pendent contractor agreements.
Location is Red Lion Hotel, 171
W. 600 S., Salt Lake City. Cost
is $99 for EC members, $139 for
nonmembers. Details are at ecu-
tah.org.
April 26, 8-11 a.m.
Form I-9 Advanced
Administration, a Mountain
States Employers Council
(MSEC) event. Location is the
MSEC Utah office, 175 W. 200 S.,
Suite 2005, Salt Lake City. Cost is
$130. Details are at msec.org.
BRIEFS
from page 7
ZAKARIA
from page 10
CALENDAR
from page 9
March 1, noon-5 p.m.
2016 Utah Intermountain
Growth Conference, featur-
ing the 2016 ACG Capital
Connection and Deal Source, an
ACG (Association for Corporate
Growth) Utah event. Theme
is “Ascending the Summit.”
Keynote speaker is Alison Levin,
team captain of the FirstAmerican
Women’s Everest Expedition
and author of On the Edge: The
Art of High-Impact Leadership.
Location is Marriott City Center,
220 S. Main St., Salt Lake City.
Details are at acg.org/utah.
March 2, 8:30-10 a.m.
“Jump Start: Intro to
Entrepreneurship,” a Salt Lake
Chamber event. Presenter is Deb
Bilbao, business consultant at
the Women’s Business Center.
Location is Salt Lake Chamber,
175 E. 400 S., Suite 600, Salt
Lake City. Free. Details are at
slchamber.com.
March 9, 3-5 p.m.
“New Opportunities
through International Trade,”
a Salt Lake Chamber “Business
Essentials” event. Location is the
Salt Lake Chamber, 175 E. 400
S., Suite 600, Salt Lake City. Cost
is $10. Details are at slchamber.
com.
March 15, 11:30 a.m.-1 p.m.
Business Women’s Forum
(BWF) Luncheon, a Salt Lake
Chamber event. Location is the
Salt Lake Chamber, 175 E. 400
S., Salt Lake City. Cost is $25 for
BWF members, $35 for nonmem-
bers. Details are at slchamber.
com.
March 16, 8 a.m.-3:30 p.m.
Lead Worker Training, a
Mountain States Employers
Council (MSEC) event. Designed
for leads, group leaders, work
coordinators and assistant super-
visors in any organization.
Location is MSEC Utah office,
175 W. 200 S., Salt Lake City.
Cost is $185. Details are at msec.
org.
March 17, 11:30 a.m.-1 p.m.
March Luncheon, a Building
Owners & Managers Association
(BOMA) Utah event. Activities
include the first-ever Kilowatt
Crackdown Awards presenta-
tions and “Going Green” on St.
Patrick’s Day to celebrate the
efforts of members who worked
toward a more energy-efficient
building and the betterment of
the environment. Location is
The Falls Event Center, 602 E.
500 S., A-104, Salt Lake City.
Registration deadline is March
7. Details are at www.bomautah.
org.
is, after all, the second-largest
economy on the planet, and the
engine powering global growth
in recent years. Its remarkable
opacity is not simply about eco-
nomics but rather about politics
and governance in general.
These days, American poli-
tics is showcasing turmoil, rage
and rebellion. But that’s ulti-
mately a strength in these fast-
changing times. People are angry.
The economy, the society and the
country are being transformed.
The fact that politics reflects
these changes is a strength, not a
weakness. It allows the nation to
absorb, react, adapt — and then
move on.
At least that’s what I tell for-
eigners and myself — with fin-
gers firmly crossed — as I watch
the craziness on the campaign
trail.
Fareed Zakaria’s email address is
comments@fareedzakaria.com.
(c) 2016, Washington Post Writers Group
ness conditions.”
Gas prices in Utah have
fallen in spite of the statewide
implementation of an additional
5-cent tax, with prices in the state
averaging $1.96 last week, while
the national average has fallen to
$1.83 per gallon. Most consum-
ers expect the trend of falling
gasoline prices to reverse over
the next 12 months. Only eight
percent of Utahns expect gasoline
prices to go down over the next
year.
Many Utahns also expect pric-
es for consumer goods to rise—
68 percent of Utahns expect pric-
es for consumer goods to increase
during the next 12 months, which
is a 2 percent increase over
December. The number of Utahns
who expect interest rates for bor-
rowing money to go up over the
next year remained unchanged
at 72 percent. Meanwhile, only
32 percent of consumers expect
$1,000 invested in their 401(k)
to be worth more than $1,000 a
year from now, compared to 39
percent in December.
Satisfaction with the steps
taken by the federal govern-
ment to improve the overall
economy of the U.S. was up
slightly in January, with 11 per-
cent of Utahns indicating belief
that the federal government is
doing a good job compared to
9 percent in December. While
approval of the state government
is much higher with 41 percent
of Utahns saying the state is
doing a good job improving the
overall state economy, this rep-
resents a one-percent decrease
from December.
Utahns’ confidence in their
personalfinancialsituationsedged
CAI
from page 1
downward in January. Seventy-
two percent of employed Utahns
think it is unlikely they will lose a
job they want to keep in the next
two years, down from 80 per-
cent in December. Similarly, 36
percent of working Utahns think
they will be able to maintain their
living standards upon retirement,
a decrease of 2 percent from
December. Twenty-four percent
of consumers expect their house-
hold income to increase more
than the rate of inflation in the
next two years, which is down 2
percent from December.
dles all aspects of the digital
certificate management lifecycle
in one cloud-based portal that
is capable of supporting active
deployment of billions of certifi-
cates simultaneously.
RETAIL
• Smith’s Food & Drug has
broken ground on a new Smith’s
Marketplace store at 400 S.
950 W., Springville. Smith’s
Marketplace will anchor the first
phase of the 25-acre commercial
development named Springville
Marketplace and paves the way
for the development of two junior
retail anchors, along with seven
additional commercial pads.
The land was previously owned
by Suburban Land Reserve and
Property Reserve Inc. Both are
wholly owned subsidiaries of the
Church of Jesus Christ of Latter-
day Saints. The 123,000-square-
foot multi-department store
will offer grocery, pharmacy,
apparel and household needs.
A new Smith’s fuel station will
be added adjacent to the store.
The anticipated completion date
is late fall. When completed, it
will be the seventh Smith’s in
Utah County. Bateman-Hall
Construction has been named
the general contractor.
TECHNOLOGY/LIFE
SCIENCES
• The Utah Science
Technology and Research
(USTAR) Initiative is accepting
proposals for the pilot round of
its pre-seed funding program,
the Technology Acceleration
Program (TAP). The program is
intended to support technology
development and prototyping
work in private industry in sup-
port of science- and technology-
related economic development
in Utah. TAP will provide fund-
ing to Utah-based science and
technology startups and early
stage companies. The purpose of
the program is to accelerate sci-
ence and technology companies
to market entry, or to mature a
new technology within an exist-
ing company. Targeted tech-
nology sectors for the program
include automation and robotics,
advanced materials, energy and
clean technology and life sci-
ences. Details are available at
ustar.org.
• StorageCraft Technology
Corp., Draper, has named
Marvin Blough as vice presi-
dent of worldwide sales. He will
focus on expanding the com-
pany’s global reach by estab-
lishing channel partnerships that
enhance the profitability for the
channel partner. Blough is also
responsible for working closely
with international distributors
to introduce the StorageCraft
product line into new markets.
Blough has more than 30 years
of experience in global direct
and channel go-to-market efforts
in IT security and software. Most
recently, he was vice president
of worldwide sales at Dell Sonic
WALL for nine years.
•IntermountainTechnology
Group (ITG), Draper, has
changed its name to ZAACT.
The company said the new name
is a combination of “exactly”
and “act.” ZAACT is a Microsoft
“Gold Partner” that enhances
Microsoft products through its
own line of products, services
and support to help companies
increase their productivity.