Podcast appearances and mentions of jeff tanner

These past few months we have been preparing for the abundant life. We have evaluated what we need to unlearn and leave behind and practiced receiving the abundance and love of God. This month, we are taking the next step in unpacking what the Abundant Life is, and we'll be focusing in Psalm 23.  Jeff Tanner is leading us into this next exploration! Jeff is one of our elders, and he has spent the last couple years deeply immersed in Psalm 23. 

In an engaging episode of Highway to Health, filmed at the legendary Billy Bob's, host David Kemp chatted with “The First Couple of Revenue Cycle,” Jeff Tanner and Lauralea Tanner about Dallas-Fort Worth's journey from a cattle hub to a center of healthcare innovation. Central to this transformation has been refining revenue cycle management, which ensures that the burgeoning population's healthcare needs are met efficiently.The Tanners pointed out that DFW's rapid population growth and its welcoming business climate have significantly contributed to the healthcare sector's expansion. A key factor in this growth has been the optimization of revenue cycle management, which has streamlined patient billing and payments, enhancing patient care across the region.

On Highway to Health, host David Kemp sits down with Jeff Tanner, Director of Consulting at Acclara, to address provider challenges in the revenue cycle. Their conversation spotlights recurring issues, from escalating denials and challenging reimbursement rates to staffing shortages. Tanner highlights the intricacies of denials, especially the coordination of benefits denials that have become more common. He also emphasizes the importance of providers focusing on their business's broader picture, not just day-to-day operations, to tackle these challenges effectively.This episode underscores the value of tapping into expertise and adopting forward-thinking strategies to navigate the healthcare revenue cycle's complexities.

Formation Sunday, February 13th, 2022 – We continue our look at Christ as the Word, we are lead this week by Jeff Tanner. 

Exploration Sunday, January 2nd, 2022. We kick off our look at who Christ is throughout the Bible, starting with Christ, as the Center. We begin by with what it means to be a bounded set church, and what it means to be a centered set church. We are joined by Jeff Tanner, Sam Tanner, and Christine Nolf. 

I’m Jeff Tanner, Dean of the Strome College of Business, and this is a Strome Business Minute. The COVID caused recession has affected the Port of Virginia but really only in a mild way. While the number of ships calling on the Port has declined every year for the last 4 years. That’s really because the ships are getting bigger and carrying more cargo, necessitating fewer ships. Import volume and value, though, have declined 12 and 15 percent due to the recession. Export value, on the other hand, has held steady though volume has declined about 5.5 percent. Coal exported from Virginia is down over 13 percent. One piece of good news in all of this, though, is that employment recovered in maritime supply chain and logistics from a dip in May and is now back to nearly 250,000 jobs. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business, and this is a Strome Business Minute. We already discussed here the shrunken inventory of homes for sale in the 757, down to its lowest level in 15 years. New home construction can’t keep up with the demand due to labor shortages so the median price of homes has crept up as supply can’t keep up with demand. Strome real estate professor Walter D’Lima’s research shows that our market is representative of the national residential market. Overall, new listings for existing homes are down across the country, as demand is shifting from apartments to houses. But his study also shows that starter home owners are also trading up. But mid-priced owners aren’t trading up. Inventory of higher priced homes is way down and those prices have actually declined so now may be the time to move up. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business, and this is a Strome Business Minute. With interest rates so low, the mortgage refinance business has been going strong, up some eighty four percent. Fannie Mae and Freddie Mac, the two largest purchasers of mortgages, though, just slapped an additional half a percent fee on cash-out refinances, claiming the COVID-induced recession adds risk. The two government-sponsored organizations are forecasting an increase in losses on qualified loans due to recession-based defaults. Trade groups denounced the fee, which begins September 1, noting that borrowers who haven’t locked in their refinancing will have to pay the fee, expected to average fourteen hundred dollars. Still, a Zillow spokesperson told Barron’s that the refinance market is likely to remain hot and Forbes expects rates to fall even more. Lenders could choose to absorb the fee, so shop around and pay attention to the closing costs. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business, and this is a Strome Business Minute. In June, Facebook committed one hundred million dollars to advance US-based Black businesses, artists, and nonprofits. Last week, they unveiled their plan to offer Black businesses up to forty million dollars or forty percent of the original commitment, as grants. The grants, for Black-owned businesses with fewer than fifty employees, are broken into twenty five hundred dollars in cash and fifteen hundred dollars in Facebook advertising credits and the program will be administered by Accenture. Facebook’s goal is to pump the cash out in a hurry, hoping to get all of the cash released by the end of August. The grant application process opens today and they plan to support ten thousand businesses before the program concludes. With Black-owned businesses closing at twice the rate of other small businesses, every bit helps. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business, and this is a Strome Business Minute. The Brookings Institute is publishing a weekly economic recovery matrix that reports a metro area’s performance across a dozen measures. For each measure, Brookings reports the actual value for that metro, color-coded by how it compares to other metros of a similar size. The measures include things like business closings, unemployment, commercial real estate vacancies, multifamily rent, and air travel. Our metro area is compared to 52 others with greater than one million in population. Compared to most in our class, we’re doing pretty well, much better than Richmond for example. We’re actually among the 5 strongest for variables like business travel, multifamily rent, and small business closings, and in the next tier for jobs change and job postings. Yes, things are down but much less than in other cities. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business, and this is a Strome Business Minute. When the COVID caused recession began, one segment that seemed unaffected was construction. Of course, commercial construction projects can take years and typically, though not always, continue on in spite of the economic downturn. The Association of Building Contractors, though, says that construction shrank thirty five percent last quarter, a little bit more than the overall economy. Supply chain disruption made it harder to get materials, some laborers left to take unemployment with the bonus, and other factors contributed to the decline. Hardest hit were retail and hospitality, and with the closing of so many businesses in those sectors, new space may not be needed, leading to postponements and cancellations. But data centers, fulfillment centers like the two Amazon is building here, healthcare and manufacturing may begin to pick up the slack. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner and this is a Strome Business Minute. I’m often asked how the stock market remains at record highs while the economy struggles. As we’ve discussed here, the stock market and economy are not the same thing – for one, when you buy stocks, you’re buying future earnings one to two years out. The market is betting on beating the pandemic, whether by a vaccine, herd immunity, or better treatment. For another reason, what you see as the market is really only a few stocks. The Dow Jones average, for example, is the average price of only thirty stocks and six of those propping up the entire market. Companies with a strong online presence are actually benefiting from the pandemic. But so are large companies are benefiting from the closure of smaller competitors who haven’t been able to weather the pandemic. Put it together, and the market stays strong. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business, and this is a Strome Business Minute. According to Virginia Business Magazine, Virginia is home to 281 companies listed in the Inc 5000, comprised of the fastest growing companies in America. Other than growth, criteria for the list include that they must be private independent companies, not divisions or subsidiaries, and that they had to be at least one hundred thousand in revenue five years ago. Number one in Virginia is Sassy Jones, an online retailer of jewelry and accessories based in Richmond. We had one in the 757, Kern Technology Group in Virginia Beach, a government services provider primarily serving maritime and defense customers in developing new products and solutions. The company grew over 1,000 percent, placing them at number 407 on the list. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business, and this is a Strome Business Minute. ODU cancelled its football season last week, hoping to play a shortened spring season. The financial impact on the school will be tough but imagine the financial impact of the Pac 12 and the Big 10 dropping fall sports. Just in television advertising alone, companies spent an estimated one point seven billion last season. A T & T led the way spending seventy million dollars, followed by Allstate, Chic-Fil-A, and State Farm, each spending about thirty million. According to Kantar, a firm which tracks advertising spend, the national championship game alone brought in over ninety million. Fox and Disney will take the greatest hits, as they own ESPN and ABC, the two largest college football broadcasters but it puts more pressure on other Power Five conferences to play for the money. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, and this is a Strome Business Minute. Student loans have been put on hold for another 90 days by executive order. The CARES Act had originally included a provision suspending payments for 6 months, or through the end of September. Trump’s order suspends payments until the beginning of 2021. Interest will not accrue during the period. The COVID crisis isn’t the first time student debt has been suspended. Other times included natural disasters such as Hurricanes Harvey, Irma and Maria and the California wildfires. But did it help? In the three quarters following the suspension period, defaults and delinquencies increased significantly. Clearly, the economic conditions caused by those disasters were harder for some borrowers to overcome. For others, the pause simply delayed the inevitable. What we don’t know is how many avoided delinquency because of federal suspension. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business, and this is a Strome Business Minute. This fall will be strange without high school football and baseball’s empty stands at the World Series. But at least we’ll have Pumpkin Spice. In fact, Dunkin is bringing it back one week early, today, with Pumpkin Spice coffee, donuts, and muffins. You can put COVID down as the cause but Dunkin has moved the introduction for the flavor one week earlier each year. Starbucks will maintain their late August start date, August twenty seven, for its pumpkin Spice Latte. While I don’t have sales numbers for Dunkin or Starbucks pumpkin products, overall the category has grown over fifteen percent in revenue and over seven percent in volume over the past few years, making this one of the most anticipated announcements each fall. Even Rover can get pumpkin flavored dog food. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business, and this is a Strome Business Minute. Sentara’s blockbuster merger with Cone Health in North Carolina will result in a healthcare system with eleven billion in assets. While Cone brings five hospitals compared to Sentara’s twelve, Cone officials are adamant that this is a merger, not an acquisition, and state the new company will maintain a regional headquarters in Greenville. But the merger can only result in efficiencies and lower overhead by consolidating back office functions. Both hospitals struggled in the first quarter, pre COVID, with Sentara actually posting a loss, performance which heightens the need for cost reductions. Cone has recovered but Sentara said last May that even if services reached normal levels, revenue would still be down millions this year, performance that will put the pressure on to lower operating costs particularly in the home office. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business, and this is a Strome Business Minute. Last week, we discussed the Justice Department’s probe into Facebook, Apple, Amazon and Google. The companies also just posted earnings for the last quarter, adding more fuel to the fire because most of their growth came from advertising revenue, the area of concern for the probe. Google’s sales actually declined for the first time in the company’s history, but less than expected at one point five percent. Facebook had a record quarter in user growth and revenue growth, with almost all of the revenue growth from advertising. Apple, however, also saw growth in its music streaming and iCloud services. Amazon was the biggest winner with a forty percent increase in revenue and a more than five billion dollar increase in profit. Overall tech stocks jumped on the blowout earnings, except Google which dropped slightly. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business, and this is a Strome Business Minute. The internet giants Facebook, Amazon, Apple, and Google are being investigated by the Justice Department for violation of antitrust laws. The company facing the strongest pressure is Google, and expectations are that the Justice Department will file suit against Google by the end of the year. The reason for the probe is potentially illegal tying contracts, which require a buyer to buy unwanted products in order to get the products really wanted. Google’s problem is that they bundle services into packages and you have no choice but to buy the full package. Companies that want the Google search engine and advertising services also have to buy YouTube and other services. This won’t change the creepy tracking we get on the internet, but unbundling would reduce costs to advertisers and perhaps consumers. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business, and this is a Strome Business Minute. ADP recently released payroll numbers, stating that 167,000 jobs were added to the private sector payrolls this past month, well below the 1.9 million that were expected based on a survey of economists by Econoday and a forecast of one million from Dow Jones. The wide variance in forecasts and the actual outcome point out the challenges in making any predictions in this turbulent economic time. Almost all of the new jobs were from service providers and mid-size companies actually lost twenty five thousand jobs. The government unemployment numbers will be released Friday, but ADP’s estimates have generally tracked government numbers fairly well, even though they are developed using different methods. The lack of job growth will certainly add urgency to stimulus talks. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business, and this is a Strome Business Minute. Tax policies of the political parties are fairly stable over time, with the Republicans favoring wealth creation over wages and the Democrats favoring wages over wealth. You see this in changes to capital gains taxes, estate taxes, and income taxes, but you also see it in property taxes and usage taxes, like gasoline. So who would the stock market prefer? Surprisingly, over the last twenty seven presidents and thirty eight terms of office, the market performed better under a new president than a second term president, regardless of party. Further, markets under Democrats tend to do better, and the markets like it best when the parties switch, especially from Republican to Democrat. But the Raymond James analysts who did this analysis say there really isn’t enough data to know with any certainty. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business, and this is a Strome Business Minute. Last Sunday at Fresh Market I noticed these signs all over touting their rating as one of the cleanest stores in America. Today, I got an email from American Airlines outlining their policies for safer flying. These two marketing strategies really have the same goal, to build consumer confidence that they can safely buy from both. Having a clean store or touchless ticketing is great but one problem is other people – those shoppers who defy mask orders. Cathy Lewis, host of W H R V’s Hearsay, set up the facebook page Mask- Friendly businesses in the 7 5 7 so you can find places to shop where people wear masks. Restoring consumer confidence in the safety of doing business is foundational to getting out of this economic crisis but it takes all of us. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business, and this is a Strome Business Minute. A lot of focus has been on the potential for a COVID vaccine. In fact, one economist likened the rush for a vaccine to the development of the atomic bomb, a race run by countries who want to be first. But a vaccine is only part of the story. Another part, and possibly more important if COVID acts like the flu and mutates every year, is effective treatment. And one of our local companies is on the forefront. Realta, the Norfolk based pharmaceutical development company, received FDA approval for first round studies of a treatment for the effects of the Corona virus. This treatment won’t eliminate COVID, but it does show the possibility of reducing the inflammation of the lungs that so often kills the patient, which, if it can do that, will save lives and that’s great news. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business, and this is a Strome Business Minute. If it feels like you’re spending more on groceries during COVID, it’s because you are. I compared grocery costs December to May using government monthly reports of prices for the same items. My analysis shows an annual average increase of eight percent. I compared thrifty baskets and luxury baskets for a family of four with pre-teen children. The luxury basket is rising faster, at almost twice the rate. But we’re also spending more when we have groceries delivered and spoiled produce is included, and it also feels worse because we’re eating out less or paying more for delivery. These findings, though, support those of IPSIS which did a global survey and found that consumers report spending more. But deflationary pressures in other areas of spending have helped soften the blow. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business, and this is a Strome Business Minute. I was on a call with several local business owners talking about the challenges facing our region’s ability to grow. While the world may have seemed pretty good pre-COVID, Hampton Roads was actually last in economic growth among region’s our size. One of the biggest limitations is finding talent – especially skilled trades for manufacturing. To address the issue, the Virginia Economic Development Partnership and the Virginia Community College System announced the Virginia Talent Accelerator, a program designed to recruit and train workers at no cost to qualified new and expanding companies so that they can expand jobs. The services are customized to the needs of the company and the jobs they are trying to fill. It doesn’t stop there, as they also offer ongoing organizational development support to create a culture that optimizes performance. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business, and this is a Strome Business Minute. COVID has hit people of color and their businesses disproportionately. One reason is personal finances. African-Americans are twice as likely to live in poverty, while Hispanic poverty is seventy percent higher which means they don’t have access to health care and are more likely to have underlying health issues. Home ownership is also lower due to credit problems. Similarly, black owned businesses were much more likely to be denied PPP loans because they could not meet the minimum credit requirements. Bank On Hampton Roads is one program designed to help families build financial health. They’ve got a full slate of virtual classes as well as personal coaches who volunteer to help individuals achieve their goals. Bank On is free, go to w w w dot bankon h r dot org to sign up or volunteer. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business, and this is a Strome Business Minute. The economic recovery appears stalled out as many indicators of economic health flattened over the past month or so. For example, weekly reports of new unemployment claims show no improvement, whether you look at regular unemployment claims or those made possible by the Pandemic Unemployment Assistance program, which helps those who were self-employed. Similarly, Gross Domestic Product, a measure of the total productivity of our country, is lower for last quarter compared to the previous quarter. But measures of confidence were slowly creeping up through June. Consumer confidence, business confidence, purchasing managers index – didn’t matter, all were inching back up to normal levels before the COVID surge began shutting things back down. But its really a tale of two economies - some industries are as busy as ever while some, like travel, are on hold. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner and this is a Strome Business Minute. One University of Georgia and two Notre Dame professors recently found that CEOs who were hired and paid at an above market rate outperformed those paid at or below market rates, with market rates weighted by company size and industry. Controlling for a number of other factors, these CEOs had a significant positive impact on their company for their entire tenure. The study focused only on the largest fifteen hundred US firms, according to Fortune magazine. What’s also interesting is that those paid below market also performed lower than the average. Given that the average annual compensation for this group was more than twelve million dollars last year and only a small difference in company performance can mean millions in stock price changes, hiring the right CEO is important. If pay is any indication, boards are making good decisions. This has been Strome Business Minute, presented by the Strome College of Business, Old Dominion University.

I’m Jeff Tanner and this is a Strome Business Minute. With COVID, we’ve seen the acceptance of tele-medicine grow rapidly. At the same time, however, the country’s three largest pharmacy retailers, Walgreens, CVS, and Walmart, have either just inked deals to build primary care centers at their stores or are already building their own network of care centers. Walgreens partnered with VillageMD and plans to open five hundred plus locations in thirty markets over five years, with more than half in underserved areas. Walmart already delivers healthcare in some stores and is now building heathcare super centers offering everything from dental to mental health and basic healthcare. They also opened a health insurance company last week and acquired a patient medication tracking platform called CareZone. CVS, who acquired Aetna insurance two years ago, operates eleven hundred Minute Clinics. What they haven’t done is acquire a virtual healthcare provider…yet. This has been Strome Business Minute, presented by the Strome College of Business, Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business, and this is a Strome Business Minute. Baseball is trying to hold a sixty game season, much shorter than normal, while hockey is moving to Canada for its remaining playoffs. What has the fallout been for sponsors? While many sponsors are trying to renegotiate their deals with teams in light of shortened or cancelled seasons, sports sponsorship researcher and consultant Kirk Wakefield notes that fans are fans three hundred and sixty five days a year, not just for sixty or twenty four games. They visit team websites, they listen to podcasts, and most importantly, they buy the team’s sponsors’ stuff. In fact, his research has documented that while the cost of many sponsorships seems astronomical, the returns can be so high as to be unbelievable. And so far, even in the pandemic, sponsors for consumer goods continue to benefit. This has been a Strome Business Minute, presented by the Strome College of Business, at Old Dominion University.

I’m Jeff Tanner, dean of the Strome College of Business, and this is a Strome Business Minute. Massachusetts-based Moderna announced a successful early stage trial for its COVID vaccine, causing stock prices in the NASDAQ-traded pharma to jump more than sixteen percent on the news overnight. The trial was on forty five patients, all of whom maintained COVID antibodies following two injections. The company is beginning large scale trials next week that will test the vaccine on thirty thousand people world-wide. It requires two doses one month apart. Moderna is one of more than a hundred companies working to develop a vaccine but Moderna has been the fastest, the first to also have something ready even for a preliminary trial. If successful, the vaccine would go into production with three hundred million for early next year. To learn more, visit odu.edu/business. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business, and this is a Strome Business Minute. The federal government rescinded regulations that prohibit international students from taking a fully online schedule. The regulations meant that if a University pivoted mid-term to online only, those students have to leave without finishing the term. However, they failed to recognize the financial impact these students have on local economies. According to the US Department of Commerce, foreign students contributed forty five billion dollars to the US economy in twenty eighteen. At Michigan State, international students support an estimated 4700 non-university jobs by living, shopping, and eating there. In Boston, the economic impact of international students is $1.6 billion. And that doesn’t include the impact of profitable higher tuition, as they pay the full rate. Exporting American education is big business, and rescinding those prohibitions is a big economic boost. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, and this is a Strome Business Minute. Hotels and related tourism businesses make up a large part of our local economy. The good news is that we’re doing better than pretty much everyone else in the country. In fact, our hotels were the only properties in the country averaging over sixty percent occupancy in any major region last week, off only six percent from last year. In addition, hotel revenues are higher in Hampton Roads than anywhere else in Virginia. In the July fourth holiday week, Northern Virginia revenues were down fifty five percent compared to last year but down only twenty seven percent here. So why is revenue down so much more than occupancy? Because prices have fallen. The average cost of a room is down twenty percent to just under ninety five dollars a night but is on the upswing. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, dean of the Strome College of Business, and this is a Strome Business Minute. While driving up the Eastern Shore, I thought that with the COVID virus and the quality of car sound systems, it was time for drive-in movie theaters to make a comeback. Walmart and the Tribeca film festival people, agree, announcing a partnership to show movies in one hundred and sixty Walmart parking lots beginning next month and running through October. That represents a 50 percent increase in the number of drive-in theaters across the US, with six of the old school style in Virginia. There’s no word yet on what movies Walmart will show or where they will set up theaters but there will be concessions! Walmart has a lot of real estate to optimize and if the movies do well, they may become a permanent fixture. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner and this is a Strome Business Minute, presented by the Strome College of Business. Move over Amazon. Here comes ASGN. Well, okay, not quite the size of Amazon but the relocation of ASGN corporate headquarters from California to Henrico County could be a sign of things to come as more companies flee the high cost of California, bringing 700 jobs to Virginia, including an expansion of its Virginia Beach operations to 147 employees. ASGN provides IT consulting services to commercial and government clients, and already has 4,000 employees across the state. The company will spend more than 12 million on two locations to provide room for the growth and the governor kicked in 900,000. The CEO told Virginia's business that this move brings the two largest divisions together, but you can't overlook that they also save a lot of money. This has been a Strome business minute, presented by the Strome College of Business at Old Dominion University

Fomer Dolphins Angelo Amendolare (2014-15) and Jeff Tanner (2012-16) join the Clubhouse Chatter Podcast pres. by Hercules Tires this week to tell their baseball stories, what made their JU experiences special and more.

Jeff Tanner, Dean of the Strome College of Business at Old Dominion University, shares Bill Throne's report on the industrial segment for the 25th annual Strome College Harvey Lindsay School of Real Estate Market Review.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. When Marc Benioff, founder of software giant Salesforce.com, bought Time magazine, people questioned his motives. An odd decision for a software mogul to buy a print magazine, to be sure. But what Benioff and Keith Grossman, the person he hired as president, have done is to reimagine Time as a content company. Like Disney or HBO, Time has an inventory of stories and the company is re-imagining how those stories can be presented. The first is the immersive virtual reality experience that puts the audience into the March on Washington so they can experience Martin Luther King delivering a portion of his I have a Dream speech. Adweek notes the strategy seems to be working as revenue is up nearly nine percent. To learn more, visit odu.edu/business. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. In recent months, we’ve covered stories on the Navy Hill development in Richmond – their plans for a new coliseum and its impact on any possible coliseum in the 757, CoStar’s plans to relocate an additional two thousand employees to Navy Hill, and so forth. The Navy Hill development plans have been scrapped, however, as the Richmond City Council decided against proceeding with funding in spite of threats from CoStar to consider other localities for their relocation. CoStar has been silent and it appears that Navy Hill will be sold for smaller development. Perhaps they’ll consider moving here. Still, the decision to not build a new major league sized coliseum in Richmond should encourage local leaders to accelerate coliseum plans for the 757. To learn more, visit odu.edu/business. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

The Coronavirus has already affected the global economy and Jeff Tanner, Dean of the Strome College of Business at Old Dominion University, explains why the impact will be felt for some time to come.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Norfolk Southern’s fourth quarter earnings declined five percent but that was less than expected by Wall Street. Revenues also declined nine percent, or about what was predicted. The better-than-expected profit decline suggests that the railroad’s better scheduling is yielding cost-saving efficiency at a faster than expected rate. One by-product has been the ability to idle a large number of locomotives, particularly less fuel efficient older models. Norfolk Southern also refurbishes locomotives to gain better fuel efficiency and lower maintenance. But the company has struggled to diversify from its dependency on coal shipments, which are declining. Slowing global trade reduces shipments through the port, but the company could see a shift back to trains from trucks as companies look to reduce their carbon footprint. To learn more, visit odu.edu/business. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. I thought it was just the loud rock n roll in my old ’66 Mustang that deafened me but there are quite a few restaurants I don’t like because I can’t hear any conversation. Turns out, I’m not alone and it’s due to the hard walls and ceilings in their design. And there’s an entrepreneur with a solution. Not the soft fabric wall coverings and ceiling tiles that deaden sound, it’s a high tech solution that allows for a loud environment but one in which you can hear your date. Like a cone of silence made out of sound, it’s called Comal Constellation. You feel like you’re in a party but you can still converse, which leads to higher sales and happier customers. To learn more, visit odu.edu/business. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Vinod Agarwal of the Strome College of Business’s Dragas Economics Center expects a robust year for housing sales. Our market’s median price is under $250,000, and fifty seven percent of houses sold in Hampton Roads are also under $250,000. While most of the recent and forecasted increase in median price is at the lowest price level, the percentage of home sales in higher price categories is creeping up, and the total homes sold has also risen. Average monthly rent is now greater than average monthly house payments, and with growth that should follow the shipyard’s ramping up of its workforce to fill its carrier and submarine contracts, the market is moving toward a seller’s market for existing and new home sales. To learn more, visit odu.edu/business. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. The Strome College of Business’s Dragas Economics Center recently held its 25th Forecasting Project luncheon and presented a ho-hum forecast for the Port of Virginia due to global headwinds in trade. Our port was constrained by construction which is now complete but our exports declined while Savanah and Charlotte gained. Some products, like automobiles, are now exported through ports closer to manufacturers, not our port. Our port has also been hurt by the trade wars, resulting in declines in exports of soybeans and grains, poultry, and forest products. While the recent Phase One deal with China may help increase exports, we also have to capture business away from Charleston, Savannah but do so when the forecast for exports is weak overall. To learn more, visit odu.edu/business. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. The Strome College of Business’s Dragas Economics Center recently held its 25th Forecasting Project luncheon. Generally, the expectation for our region is good, with economic growth outpacing the nation’s for this year. Key to our expansion is federal spending, particularly on defense. Of course, Newport News Shipbuilding has carrier and submarine contracts that will support growth for a decade or longer. Overall, defense spending contributes forty percent to our economy, whether directly or indirectly. There are two ways to respond to this opportunity. The first is most likely to happen and that is to sit back and enjoy it. The second, which I prefer, is recognize that elections have consequences and take this opportunity to expand and diversify before defense budgets are cut. To learn more, visit odu.edu/business. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Dollar Tree’s stock was downgraded by Bank of America from buy to neutral over concerns that changes to the Family Dollar stores will hurt margins. Family Dollar sells more discretionary products with higher margins while Dollar Tree’s product mix is made up of lower-margin supplies. As the merger continues, Family Dollar’s product mix, according to BOA analysts, is shifting to more of the lower margin products. They also cite leadership changes that put Dollar Tree execs in charge of merchandising for Family Dollar stores, a factor that will accelerate margin loss. Couple that with margin pressure from higher supply chain costs and the analysts are predicting continued margin decline this year. The stock is down over six percent since the first of the year. To learn more, visit odu.edu/business. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Vegans and the lactose-intolerant may find themselves without products called milk if delegate Barry Knight has his way. He’s introduced a bill that only allows milk from an animal with hooves to be called milk in Virginia. Producers of soy milk, rice milk, almond milk, and other forms of milk would have to come up with a new name. The bill requires eleven other states to also adopt similar legislation before it can go into effect but we’d be first. His argument is that dairies are closing or struggling and need protection from confused consumers. Changing the name doesn’t mean those who want plant-based products will change their purchasing habits. Similar protections for animal-based meats were overturned in court, which is where this would end up. To learn more, visit odu.edu/business. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Last Friday, the Strome College of Business and the Society of Human Resource Management released the results of the first Hampton Roads Workforce Summit Survey at the sold out Workforce Summit. Nearly 60% of regional HR managers expect their company to grow in the next five years, with one third expecting to accomplish that growth by including both project-based workers and independent contractors. Yet, a key finding in the study is that Hampton Roads companies are behind national averages in taking a strategic approach to Human Resources. Given the challenges of finding talent in this tight labor market, this limitation does not bode well for Hampton Roads companies. They also found that local companies fail to offer the benefits most desirable to millennials. To learn more, visit odu.edu/business. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Norfolk-based medical device manufacturer Embody Inc. received a 2 point 5 million dollar federal grant for the second phase of development for its proprietary Microbrace ACL technology for anterior cruciate ligament repair of (ACL) injuries. This follows a nearly twelve million dollar DARPA grant for the first phase. Microbrace for ACL is a medical device restoring mechanical stability to the knee. It’s created from the biofabrication of collagen. Biofabrication is the automated production of tissues — often by 3D printing —combining cells and fibers into a device that can replace diseased or injured tissue. Embody is a Norfolk-based privately-held company founded in 2014 and develops implantable medical devices to be used for orthopedics such as Achilles tendon, rotator cuff and knee ligament repair. To learn more, visit odu.edu/business. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. InMotion Hosting bought the Stratford University building in Virginia Beach to consolidate its local offices from 280 to 330 employees. The company is investing over twelve million dollars here and plans to grow. InMotion has offices in Los Angeles, where it began, and Denver, with this office opening in 2004 when partner Dan Cunningham moved here to follow his then wife. Since then, the company has found the workforce needed here by hiring people willing to work and providing them the technical training they need. Chenelle Harris, HR Director, says this gives them a uniquely inclusive culture. The company provides website design and hosting services, and is just one of the stories of our strong IT sector. To learn more, visit odu.edu/business. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Downtown Norfolk is just a little more than a year away from losing its largest tenant, Norfolk Southern, but their building will likely have a new owner soon. Towne Bank, the largest bank in the 757, has said that it will not move to Norfolk from its campus in Suffolk; rather, I expect that the Corporate Banking team, brought over from SunTrust after the merger with BB&T, will locate there, along with other employees serving the Norfolk area. TowneBank released statement that negotiations to purchase the building are ongoing, and the final point seems to be a transfer of the parking agreement with the city at an adjacent garage. With 21 floors, TowneBank won’t fill it up but the sale is good news. To learn more, visit odu.edu/business. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Up for discussion in the General Assembly is the right to work law, which allows workers in a unionized company to work without joining the union. Repeal of the law forces all workers in unionized companies to join and pay dues. According to George Mason professor Jeffrey Eisenach, a comparison of states with right to work to states without right to work indicates negative outcomes in states without right to work. Between 2001 and 2016, right to work states enjoyed lower unemployment, more than double job growth in the private sector, more than ten percent higher income growth, and significantly greater growth in per capita output and in manufacturing output. Further, companies are more likely to locate in right to work states. To learn more, visit odu.edu/business. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Several bills to raise the minimum wage over time to fifteen dollars are being presented in our General Assembly. Other places have already done so with these results. Fast food employees will make ten to twenty percent more but over ten percent will lose their jobs. In Seattle, the net effect of a minimum wage hike was a reduction in earnings as hourly workers had their hours cut. Another likely effect is increased automation, as it becomes cheaper to replace people with machines. The federal government expects ten percent of affected workers to lose their jobs, but the tight labor market may reduce the impact. Wages have already risen for some but wage hikes without stronger upskilling programs may leave many workers unemployed. To learn more, visit odu.edu/business. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Norfolk mall MacArthur Center will lose three more stores by the end of the month, J Crew, Fossil and Brighton. This mall is actually a good traffic mall during the year but the holiday season didn’t seem to go well as the mall was empty just before Christmas. The broader question being debated is whether there is a future for malls while the local question is what to do with MacArthur. What some call the death of traditional retail is really just normal comings and goings as fashion tastes change and companies fail to keep up. That’s my sense of all three – they have problems in merchandise mix rather than how they market. But that doesn’t answer the question of what to do with the mall. To learn more, visit odu.edu/business. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Google announced last week that it will phase out third-party cookies in their popular web browser, Chrome, over the next two years. The initiative, which Google calls Privacy Sandbox and was first announced in August, will affect more than half of all web users. The plan is designed to increase privacy for users of Chrome while still maintain an ad-supported web, though advertisers are skeptical. What’s a third party cookie? It’s a tracking device placed on your computer by a company that wants to know where you go on the web and is used to determine what ads you see. You can block cookies through your web settings, which is Firefox’s default setting but Google’s plan means that you won’t have to. To learn more, visit odu.edu/business. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Cincinnati-based Bon Secours Mercy Health continues to acquire Virginia hospitals, buying Petersburg’s 300 bed Southside Regional Medical Center, the 105 bed Southampton Memorial Hospital in Franklin and the 80 bed Southern Virginia Regional Medical Center in Emporia. All three were purchased from Community Health Systems, a Tennessee-based company operating hospitals in 17 states. With the sale, Community Health exits the Virginia market, while Bon Secours now operates forty eight hospitals in seven states and Ireland. A Robert Wood Johnson study found that when consolidation of hospitals concentrates market power, price increases and quality decreases. It’s unclear whether these changes concentrate market power any further but it’s basic economics: Without competition, there is less incentive to provide higher quality care and to maintain lower costs. To find out more, visit odu.edu/business. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. What’s Popeye’s favorite food? In the sudden death round of Family Feud Canada, Eve Dubois confidently replied, “Chickeeeen!” As her family groaned of dismay, she quickly realized she had made a ten thousand dollar mistake. In case you’re wondering, they meant Popeye the Sailor and his favorite is spinach. But Popeyes Louisiana Kitchen was thrilled with her response. So thrilled they gave her ten thousand dollars! Well, ten thousand dollars’ worth of chicken! The video of her response went viral and gave Popeyes the kind of exposure that you just can’t buy. Just as important, Popeyes’ marketing director Bruno Cardinali, noted that her response shows how strongly the brand is growing, even in Canada where they are relatively new. Maybe it’s due to their sandwich. To learn more, visit odu.edu/business. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Back in October, Virginia signed a deal with Dominion Energy to buy renewable energy, including wind-generated. But Virginia is one of nine states that doesn’t yet produce wind energy. That’s about to change. Dominion announced the signing of a contract with Siemens Gamesa, a Spanish manufacturer of turbines, which will be installed on the Coastal Virginia Offshore Wind farm just off Virginia Beach. Construction on the wind farm actually began last June and is expected to be complete later this spring. While Virginia has a goal of generating thirty percent of energy needs by wind before 2030, a goal for this farm is to determine how many turbines will be needed and whether offshore wind farms will generate more electricity than on shore. To learn more, visit odu.edu/business. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. CoStar, the Richmond-based real estate data company that owns familiar brands like Apartments dot com, plans to double its workforce in Richmond, from one thousand to two thousand workers. Nearly five years ago, when the company first located in Richmond, they announced plans to hire seven hundred and fifty people, so this growth has been very rapid. The company will occupy a new building in the Navy Hill development in downtown Richmond, as part of a revitalization of that area. This is the same area where the proposed arena will be built. CoStar CEO said that without the Navy Hill project, this workforce growth would have gone elsewhere. In addition to the arena, plans include a convention center, retail and restaurants, housing and more. To learn more, visit odu.edu/business. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. We talk a lot about diversifying our local economy, but people often overlook our strong and growing food industry. From peanuts and coffee to seafood and soybeans, we have a strong food industry in the 757. Now add olive oil. International olive oil manufacturer Acesur USA LLC purchased an eighty eight thousand -square-foot, two-story manufacturing facility in Suffolk for just over 5 million dollars where they will manufacture olive oil. They import the olives from Spain to make the oil and they have other another plant in NY. Acesur has been producing, packaging and marketing olive oil since 1840 and is headquartered in Dos Hermanas, Seville, Spain. It bottles olive oil brands such as Coosur and La Española and exports to more than 80 countries. To learn more, visit odu.edu/business. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Zombies are the walking dead. Zombie companies are those unable to earn enough to cover their debts three years in a row. They’re already dead, but super low interest rates allow them to borrow money and walk around, sucking up labor and capital that could be better used elsewhere. Moreover, they tend to borrow from weaker banks, further draining the economy. But Denmark’s Central Bank has charged negative interest rates for nearly eight years where zombies have actually declined and the overall level is low compared to other countries. One reason is that there is little reason to stay in business if it’s failing; employees are well-taken care of and owners don’t retain the company debt there, which is so often the case here. To find out more, visit odu.edu/business. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Federal taxes change in several ways this year. For example, for divorces taking place last year and into the future, the person paying alimony now has to declare it as income and pay taxes but the recipient does not. If you divorced before last year, there are no changes. Retirement savings have also changed. Max contributions have gone up for individuals and for companies, plus you can now contribute to your IRA no matter how old you are, as long as you have earned income. You also don’t have to take any out until you’re 72. There’s also a new shorter form for filing for seniors 65 and older. As always, though, consult a tax professional to see how these changes affect you. To find out more, visit odu.edu/business. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Companies used to locate by natural resources – like steel companies near iron ore and coal mines. Now they locate where the workforce is. The Brookings Institute reports that 90 percent of all new STEM jobs were added in Boston, San Francisco, San Jose, Seattle, and San Diego, places already high in STEM workers. Their job growth constrains housing supply causing prices to rise. Infrastructure, like roads and utilities, can’t keep up either. Furthermore, these jobs that command high salaries, pricing smaller companies ut of the market for labor. You’d expect jobs to move to lower cost areas, but most of that is to offshore tech hubs. While secondary hubs can develop around strong STEM universities like ODU, it’s a long process requiring strong regional cooperation. To find out more, visit odu.edu/business. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Huntington Ingalls, parent of Newport News Shipbuilding, saw a significant increase in short-sales during the first two weeks of December. Short sales are an investment where you borrow stock and sell it. When the loan is due, you have to give stock back, so you hope the price goes down so you can buy it back and repay the loan with lower-cost shares. Your profit is the difference. Buy a stock at ten dollars, sell at eight, and you make two dollars. Short sales increased over twenty percent in the first half of December for Huntington Ingalls, which means more people think the stock will go down. However, total short sales only represent about two point three percent of the outstanding shares. To find out more, visit odu.edu/business. This Strome Business Minute has been presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Over the holidays, the question I got asked the most was, “Can the stock market stay healthy in the coming year?” The answer is yes of course, but don’t expect an increase in the Dow of twenty-eight percent like last year. That increase came off a major decline in December 2018. But even the two-year increase in the Dow was pretty phenomenal. The real question isn’t whether stock prices will go up but whether earnings will. Unfortunately, predictors don’t look good. Manufacturing numbers are down, as is the Conference Board’s Consumer Confidence Index. Barring a trade war or a shooting war, the economy should grow slowly, which could mean greater stock price volatility as earnings vary, but relatively flat or modest overall market growth. To find out more, visit odu.edu/business. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. If you own Dollar Tree stock, you don’t have to sell, though you may have gotten an offer from TRC Capital Investment at $89.88 per share, more than 4 percent below market value when the offer was made. They made a mini-tender offer, any offer for less than five percent of the outstanding shares of a company. It doesn’t mean that TRC wants to acquire all of Dollar Tree and there is no relationship between the two companies. So why do it? Sometimes, buyers want to catch shareholders off guard or create concern that the stock may fall and make a quick buck when shareholders sell at the offered price but if you have Dollar Tree, you don’t have to sell your stock. To find out more, visit odu.edu/business. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Only a little more than twenty percent of America’s hospitals are for-profit, a fact that doesn’t seem to affect health care costs. In fact, hospitals account for more than four times the cost of health care than do prescriptions. President Trump’s administration just finalized a rule that requires all hospitals to provide greater pricing transparency, and no, hospital administrators are not happy. But such transparency is necessary for competition, and greater competition should drive costs down. Indeed, hospitals have been merging at an increasing rate to achieve economies of scale and stronger negotiating power with insurers, but these mergers have also created markets with little or no competition. Transparency by itself won’t matter if there are no competitors. To learn more, visit odu.edu/business. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. SVT, a robotics programming company, has grown significantly since I first met them as part of 757 Accelerate. 757 Accelerate is a program funded in part by Go Virginia that provides coaching and training to entrepreneurs who have started a company but need to accelerate their growth. The program was developed to keep start-ups here in our area, rather than leave to find help and funding in other cities. SVT just opened a six thousand square foot production facility in Ghent, sharing a building with Troopster, another 757 Accelerate graduate. SVT employs seven people locally and three elsewhere, and plans to double in twenty twenty, which is exactly the type of growth envisioned when 757 Accelerate was created. To learn more, visit odu.edu/business. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Regrets, I’ve had a few, but I’m no Frank Sinatra. In a recent study, three out of four said they have at least one financial regret. No surprise, most of those with a regret said it wasn’t saving enough, and number one on the list is that they didn’t start saving for retirement soon enough, followed by those who just don’t maintain an emergency fund. Third among the saving regrets was not saving enough for college. The reason people don’t save enough is pretty simple – they spend too much. But many spend too much because they don’t know what the right amount is to spend, such as no more than twenty-eight percent to ALL housing expenses and no more than thirty-six percent toward all obligations. To find out more, visit odu.edu/business. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. The problems with Boeing’s seven-thirty-seven Max have proven to be much harder to fix than a simple software glitch it was first thought to be. Production has halted and JP Morgan says the company will burn through one billion dollars a month while shut down, mostly to support suppliers. Boeing is also paying customers like Southwest Airlines and American hundreds of millions in compensation as they cancelled thousands of flights that were depending on the new aircraft. While the compensation Boeing is paying is a secret, Southwest shared one hundred and twenty five million dollars with its employees as a year-end bonus. No word from American on their use of funds but they are still embroiled in a labor dispute with their mechanics. To find out more, visit odu.edu/business. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Amazon closed last week on ninety five acres in Suffolk, close to Interstate six sixty four and the Port. While Amazon has confirmed the purchase, they won’t say what the land will be used for. Speculation, though, is that Amazon will build a fulfillment center there. After all, last summer, the Army Corps of Engineers entertained a proposal for a fulfillment center on that site, which requires a site plan permit approval. And a July report from the Hampton Roads Economic Development Alliance pointed to a fulfillment center coming that would result in one thousand new jobs. But what exactly is a fulfillment center? While it’s not a where you find personal fulfillment, it is a special kind of warehouse where Amazon fills orders. To find out more, visit odu.edu/business. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. According to a study in the Journal of Consumer Psychology, a badly wrapped gift is more appreciated by someone if they already know and love you. If you don’t know them well, then the gift is more appreciated when wrapped perfectly. It seems our expectations of the gift itself are influenced by the wrapping. What a relief for sloppy wrappers like me! As we end our second year, I’d like to thank Rick Smith, studio engineer, Jeff Sandner, post production, and Chuck Doud, producer for all of their work to make this show a success. I’d also like to thank professors Michelle Carpenter and Ron Carlee for filling in as hosts from time to time throughout the year. Happy holidays to all of you and thank you for joining us on a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. According to the Wall Street Journal, investors have moved one hundred and thirty five billion dollars out of stocks and into bonds and ETFs, investments that are less volatile and safer than stocks. Beginning last year, the outflow has accelerated as global trade wars continue. In fact, recent signals that the war with China could reach some resolution led to five billion moving back to stocks in just one week, but any negativity will likely see it leave again. Most of the outflow has come at the expense of mutual funds, as it is the retail customer, the individual investor, who is most worried but corporate demand for stocks is also slowing. If this continues, expect more volatility but a flat market overall. To learn more, visit odu.edu/business. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. When shopping online, people use reviews but how depends on the situation. Strome professor Yuping Liu-Thompkins says consumers rely on how many people say they like it when the objective is to gain something good but when the product is bought to avoid something bad, the actual rating score is more important. So a stock broker is selected by how many people like it while an insurance agent may be chosen based on the rating score. But can we trust reviews? Amazon reported blocking thirteen million bogus or fake reviews last year. Reviews matter, as Yuping says a ten percent increase in rating volume yields a three point five percent retail sales increase while a ten percent rating score increase doubles that gain. To learn more, visit odu.edu/business. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Celadon, one of the largest companies you’ve probably never heard of, declared bankruptcy last week, throwing thirty-two hundred drivers out of work. Reaching one billion dollars in revenue in twenty fifteen, an investigation for accounting fraud certainly played a role in Celadon’s bankruptcy. But trucking companies have gone under at triple the rate this year over last, with six hundred forty shutting their doors. Trucking volume is down significantly, declining steadily all year. Manufacturing volume has also declined, meaning less to ship. These declines have also been felt by truck makers, with Cummins announcing layoffs for two thousand workers just before Thanksgiving, a startling reversal from a strong twenty eighteen. Used trucks from bankrupt companies will only make the problem worse. To learn more, visit odu.edu/business. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. If you’re a boomer who likes antiques, you may already know that millennials don’t. Prices for antique furniture and other forms of antiques are falling. Like one antique dealer said about antique sales, if it’s brown, mark it down. One thing about that furniture; it might be easier to dispose of than the retirement homes boomers have built. According to Laura Kasisto of the Wall Street Journal, boomers will vacate one out of four homes over the next two decades, more than the houses built over the past two decades, many that are in retirement communities complete with golf, shuffleboard, and other amenities millennials don’t want. Boomer homes may solve the affordable housing crisis, if we can locate places to work nearby. To learn more, visit odu.edu/business. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Alarm bells are sounding over corporate debt. As I’ve pointed out before, companies such as AT&T, GM, and other well-known names have taken on significant debt but the current increases in corporate debt are primarily being taken on by weaker companies with higher risk. The debt comes in the form of bonds, many of which are considered junk or near junk. That shift in debt to weaker companies has been prompted, in part, by a lack of investment options with decent returns, so investors have been willing to take on the added risk. The fear, of course, is that if interest rates rise, we’ll see a bubble that bursts much the way consume credit did in two thousand eight, leading to our last recession. To learn more, visit odu.edu/business. This has been a Strome Business Minute, presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Kissinger recently likened trade wars to the Cold War, anticipating long lasting warfare. While many are looking for a short-term resolution, ODU professor Shaomin Li is forecasting long term effects of the trade war on China. He notes surveys that indicate companies are either foregoing planned investments or considering moving operations to other countries, a shift he says had already started but accelerated due to the trade wars. Japanese and American firms are moving their operations to South Asia and Mexico, according to his study just published in the Chinese Leadership Monitor. Prior to tariffs, rising wages, a challenging political economy, and other factors were causing businesses to reconsider China; tariffs have just pushed them to act, and it’s these actions that will have long-lasting effect. To learn more, visit odu.edu/business. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. I honestly thought Lord and Taylor was dead and gone but it’s not. Bought by a clothing rental company, Le Tote, in August, the deal included free rent for three years and closing five stores. One of the closures before the sale was the company’s flagship in New York City, which was nearly seven hundred thousand square feet. Lord & Taylor’s previous owner, Hudson Bay, sold the eleven story building to WeWork, a company struggling financially. Let’s hope they got paid in cash. Lord & Taylor’s new owners are now launching a new New York City store, a tiny twenty four hundred square feet or less than one percent of the old store’s footprint. Perhaps this type of reduction is the direction all retailing will take. To learn more, visit odu.edu/business. This Strome Business Minute is presented by the Strome College of Business at Old Dominion University.

I’m Jeff Tanner, Dean of the Strome College of Business at Old Dominion University and this is a Strome Business Minute. Have you see the new Coors Light commercials promoting the brand as the official beer for breakfast, the official beer of playing golf just to drink beer, and the official beer of being done with wearing a bra? Maybe it’s just me, but other than the no bra at the end of a workday, these promote irresponsible beer consumption.

Costco is building a chicken processing plant to keep the cost of their rotisserie chicken to four ninety nine. Such a move is called vertical integration. Jeff Tanner, Dean of the Strome College of Business at Old Dominion University, explains.

Jeff Tanner, Dean of the Strome College of Business at Old Dominion University, explains selling shares.

The internet is clearly a marketplace for buying and selling, but it is also a marketplace where people can rent. Jeff Tanner, Dean of the Strome College of Business at Old Dominion University, discusses more on sharing economy.

Jeff Tanner, Dean of the Strome College of Business at Old Dominion University, explains quantitative easing, or QE.

Jeff Tanner, Dean of the Strome College of Business at Old Dominion University, explains the Fed rate and repurchase agreements.

A Strome alum was describing his job at a hedge fund, where they buy distressed debt. They buy companies that are about to go under, turn them around and resell them. Jeff Tanner, Dean of the Strome College of Business at Old Dominion University, explains more about hedge funds.

You may recall a report earlier that Trian, a private equity firm that owns 6% of Ferguson, advocated that Ferguson sell its UK operations. Earlier this week, Ferguson made the announcement that it is going to do just that. Jeff Tanner, Dean of the Strome College of Business at Old Dominion University, has more.

Jeff Tanner, Dean of the Strome College of Business at Old Dominion University, discusses inflation rates.

Having a solid customer strategy is a crucial part of any sales organization. If you don’t have a strategy, or if your approach isn’t up to par, you lose out on creating a dynamic client base. This ultimately impacts your bottom line. John Golden sits down with Jeff Tanner to provide essential tips on building and improving customer strategies.

Jeff Tanner has had a long career as a producer, working on music videos for big artists ranging from P. Diddy to AC/DC, to big budget commercials. More recently, he launched a wine company with his friend called Tanner DaFoe. Although he was new to the wine business, Jeff and his partner saw some immediate success due to the care and detail they placed into making their wine. We discuss how he went from traveling the country as a kid and going to law school, to his first job as a production assistant and starting a wine company from scratch. ENJOY. 

The buzz: Your business wish list Wishing and hoping for a crystal ball to see what 2015 may bring for your company, industry and the world? We've got the next best thing. On our three-part Predictions 2015 Special, you'll hear 40 thought leaders' insights on the technologies, strategies, and trends that can help you grow and compete better in 2015 and beyond. Pour a cup of Joe, Earl, or Dom, and join us on Dec. 17 for SAP Game-Changers Radio 2015 Predictions – Part 2 live, with Kerry Brown, SAP; Jeff Tanner, Baylor University; Stacey Perrin, SAP; Gary Cokins, Analytics-Based Performance Management; Frank Rust, SOMMERRUST; John Ragsdale, TSIA; Jaco Van Eeden, Deloitte; Florian Brody, SAP; Nataraj Ganapathy, Cogent Integrated Business Solutions; Reuven Gorsht, SAP; Falk Rieker, SAP; Kaan Turnali, SAP; Steve Player, Beyond EPS Advisors; Andrew J. Sherman, Jones Day. Hear Predictions Part 1 (Dec. 10) on-demand at ow.ly/FE4jB. Happy holidays from SAP Game-Changers Radio.

The buzz: Your business wish list Wishing and hoping for a crystal ball to see what 2015 may bring for your company, industry and the world? We've got the next best thing. On our three-part Predictions 2015 Special, you'll hear 40 thought leaders' insights on the technologies, strategies, and trends that can help you grow and compete better in 2015 and beyond. Pour a cup of Joe, Earl, or Dom, and join us on Dec. 17 for SAP Game-Changers Radio 2015 Predictions – Part 2 live, with Kerry Brown, SAP; Jeff Tanner, Baylor University; Stacey Perrin, SAP; Gary Cokins, Analytics-Based Performance Management; Frank Rust, SOMMERRUST; John Ragsdale, TSIA; Jaco Van Eeden, Deloitte; Florian Brody, SAP; Nataraj Ganapathy, Cogent Integrated Business Solutions; Reuven Gorsht, SAP; Falk Rieker, SAP; Kaan Turnali, SAP; Steve Player, Beyond EPS Advisors; Andrew J. Sherman, Jones Day. Hear Predictions Part 1 (Dec. 10) on-demand at ow.ly/FE4jB. Happy holidays from SAP Game-Changers Radio.

The buzz: Your business wish list Wishing and hoping for a crystal ball to see what 2015 may bring for your company, industry and the world? We've got the next best thing. On our three-part Predictions 2015 Special, you'll hear 40 thought leaders' insights on the technologies, strategies, and trends that can help you grow and compete better in 2015 and beyond. Pour a cup of Joe, Earl, or Dom, and join us on Dec. 17 for SAP Game-Changers Radio 2015 Predictions – Part 2 live, with Kerry Brown, SAP; Jeff Tanner, Baylor University; Stacey Perrin, SAP; Gary Cokins, Analytics-Based Performance Management; Frank Rust, SOMMERRUST; John Ragsdale, TSIA; Jaco Van Eeden, Deloitte; Florian Brody, SAP; Nataraj Ganapathy, Cogent Integrated Business Solutions; Reuven Gorsht, SAP; Falk Rieker, SAP; Kaan Turnali, SAP; Steve Player, Beyond EPS Advisors; Andrew J. Sherman, Jones Day. Hear Predictions Part 1 (Dec. 10) on-demand at ow.ly/FE4jB. Happy holidays from SAP Game-Changers Radio.

The buzz: Your business wish list Wishing and hoping for a crystal ball to see what 2015 may bring for your company, industry and the world? We've got the next best thing. On our three-part Predictions 2015 Special, you'll hear 40 thought leaders' insights on the technologies, strategies, and trends that can help you grow and compete better in 2015 and beyond. Pour a cup of Joe, Earl, or Dom, and join us on Dec. 17 for SAP Game-Changers Radio 2015 Predictions – Part 2 live, with Kerry Brown, SAP; Jeff Tanner, Baylor University; Stacey Perrin, SAP; Gary Cokins, Analytics-Based Performance Management; Frank Rust, SOMMERRUST; John Ragsdale, TSIA; Jaco Van Eeden, Deloitte; Florian Brody, SAP; Nataraj Ganapathy, Cogent Integrated Business Solutions; Reuven Gorsht, SAP; Falk Rieker, SAP; Kaan Turnali, SAP; Steve Player, Beyond EPS Advisors; Andrew J. Sherman, Jones Day. Hear Predictions Part 1 (Dec. 10) on-demand at ow.ly/FE4jB. Happy holidays from SAP Game-Changers Radio.

The man, the myth, the legend himself, Steve McKenna joins us again for today's podcast. Zane and Dan are also reunited and decided to celebrate the only way they know how, with drinks! They start with a nice bottle of a 2009 Cabernet from Tanner Dafoe Wines and also get the creator, Jeff Tanner, on the phone for an interview. Then, we dive into a new segment for Zane & Dunn where the guys will review and rate new beverages in the alcohol scene. For today's review we have Angel's Envy Cask Strength bourbon and E & J XO brandy.

Dr. Jeff Tanner talks about the book he co-wrote with George Dudley: "The Hard Truth About Soft Selling."

Dr. Jeff Tanner talks about his research that shows many potential sales employees exaggerate their knowledge and abilities on job application psychological tests. www.baylor.edu/business/radio

Dr. Jeff Tanner talks about his new book. www.baylor.edu/business/radio