SDBJ WEEKLY EDITION
Climate, Strong Economy, Aging Owners Will Combine to Keep Accounting Firms Busy in 2017
Accounting firms and professionals who handle mergers and acquisitions in the San Diego region anticipate a strong year ahead for such transactions. It seems there are exit signs all around, especially the aging population of business owners, a strong local economy and the expectation of a favorable business climate with the incoming administration.
LAW: Cos. on Defense as They Try to Recoup Costs
There should be little doubt, now that the San Diego City Attorney’s Office has stepped in, that a few local restaurants appear to have mishandled the rollout of surcharges meant to boost revenue following the city’s Jan. 1 minimum wage increase.
MEDICINE: Co. Guides Patient, Family Through Last Journey
Dr. Bob Uslander was meditating on a bluff in La Jolla in early 2013 when he was jolted by an epiphany that would transform his professional life.
TOURISM: Lawsuit, Hotel Plans, Funding Are Concerns
Operators recently launched $25 million in renovations to the iconic Sails Pavilion and other components of the San Diego Convention Center, but there remains no clear path to a long-sought expansion of the downtown waterfront facility.
TECH: Airport’s Innovation Lab Aims to Upgrade Air Travel
You overslept. The flight from San Diego to Tokyo leaves in 50 minutes, and you need to be on it. Your smart watch tells you the estimated commute from your home to the airport is 11 minutes, and the average wait at the security checkpoint is 24 minutes. You can still make it.
INVESTMENT: Most Firms Tap Technology For Variety of Services
Billions of dollars in the United States are being managed by algorithms under the auspices of digital platforms such as Wealthfront and Betterment.
Creating Value Is at the Core of Many of Wealth Management Co.’s Moves
Investing is a long-term endeavor. So is building a company.
PROPERTY: Development To Be Part of Climate Goals
The San Diego City Council recently removed a barrier to potential high-rise development in the core of the popular Hillcrest neighborhood, though it could be a year or more before a development blueprint for the neighborhood is in place.
DEFENSE: Navy Must Ensure Future Adoption
Congress wants more information on a San Diego defense contractor’s big project before it releases more money for it.
TECH: Variety of Applications Seen for Thermoelectric Systems
Jill Elsner and Fred Leavitt were anxious to show off their company’s latest technological innovation, but they couldn’t just fire it up inside their Miramar Road offices. Breakthrough or not, it puts out a fair amount of smoke.
UTILITY: SDG&E Meets Deadline, Learns Lessons on Storage Project
The nation’s largest battery storage facility consists mainly of two dozen white, shipping container-size buildings lined up next to an Escondido electrical substation. It looks like a trailer park devoid of cars and residents.
The year ahead looks almost as scary as it does hopeful for Chula Vista-based Action Drone Inc.
It was a chance trip to San Diego nearly a decade ago that led to Dana Alligood’s new role as the Southern California market executive for Bank of America Merrill Lynch’s Global Commercial Banking business. Alligood says she sees positive indications of continued business growth in San Diego; the bank lent more than $62 million to local companies in the first half of the year, a 77 percent year-over-year increase from $44 million lent in the first half of 2015.
The obstacle to launching a new bank in San Diego surely isn’t a lack of chutzpah. In fact, the Southern California region is leading the charge this year when it comes to asking regulators for the OK to establish financial institutions de novo — that’s “new” in bank speak (and in Latin).
MARKETING: But Co. Still Expects Some Autonomy
If corporate acquisitions really are the marriages they sometimes purport to be, is it a sign of infidelity when a recently purchased company indicates it wants to continue playing the field, so to speak?
MEDICINE: New Hospital Will Expand Offerings
Local employers looking to offer health benefits to workers living south of the U.S.-Mexico border are finding a new level of sophistication, as demand for low-cost, quality medicine has spawned new competition and distinct approaches to HMO care in Baja California.
DEVELOPMENT: Center to Give Area Key Academic Tie
Plans by the University of California, San Diego for a new cultural and education center in downtown’s East Village were warmly greeted by urban designers, architects, civic advocates and others who had fretted earlier this year about the future of the fast-growing neighborhood, recently eyed for a new football stadium with convention facilities.
Will the San Diego Chargers come up with an alternative measure to build a downtown stadium, after voters rejected a hotel tax hike intended to finance a $1.8 billion dual-purpose stadium with convention facilities? Or will it finally work with the city on plans for the current Mission Valley site? Or will it exercise an option to join the Los Angeles Rams at that team’s upcoming Inglewood stadium?
Local drugmakers Arena Pharmaceuticals Inc. and Orexigen Inc. are both likely glad to see the year end following a year of disappointing sales in the weight-loss market and the resulting shaky year.
One of the region’s most prominent philanthropists, Conrad Prebys died in July at age 82. The Point Loma resident was active in the construction and real estate industries for much of his life, enabling him to make significant philanthropic contributions over the past three decades. His generosity extended to numerous institutions and organizations, including San Diego State University, Salk Institute for Biological Studies, Scripps Health and the San Diego Zoo. Several local buildings have his name on them, including a concert hall at the University of California, San Diego and a new performing arts center in La Jolla, being developed by the La Jolla Music Society.
ECONOMY: From Beer To Bots, Star Players Could Be Counted On
2016 was a year in which the San Diego business community continued to build on its strengths — life sciences, health care, craft beer and real estate — areas that should continue to bolster the local economy in 2017.
Randa Coniglio has been CEO at the Unified Port of San Diego since the summer of 2015. In the 18 months since then, she has put her own management stamp on the agency, which is landlord for a large number of businesses, big and small, around San Diego Bay. Port commissioners awarded Coniglio the top job one year after they inked a severance deal with CEO Wayne Darbeau in mid-2014.
WORKFORCE: Trust’s Success Requires That It Be Carefully Managed
Local benefits consultants — the innovators San Diego’s business community looks to for help in capping health insurance costs — have identified another industry they believe can gain from a risk-pooling strategy that continues to win converts among tech and bioscience companies.
Asense of loyalty obliges Mission Valley insurance broker Michael Dysart to continue serving his longtime clients in the individual health benefits market. But he won’t take on new customers.
CONSTRUCTION: Value Is Trending Above 2015
Converting older non-residential buildings for new and updated uses makes up more than three-quarters of the work being done these days by busy San Diego construction firms like Jaime Partners, and industry observers say those kinds of projects present further growth opportunities for local contractors in 2017 and beyond.
FINANCE: Rule Averts State-by-State Licensing
Ask finance folks what’s keeping them up at night and they’ll tell you keeping up with stringent post-recession government regulations.
VENUE: Upgrades Keep Facility Fresh, Relevant
The Valley View Casino Center — formerly the San Diego Sports Arena — is seemingly immune to the passage of time.
GAMING: Psyonix’s Drive Pays Off, As Small Co. Makes a Very Big Score
The video game developers at Psyonix Inc. are living proof that experimentation pays off.
When the last day of 2016 rolls around, the value and number of mergers and acquisitions completed nationwide may not reach the high-water market set in 2015, but the number of major deals in the pipeline and a potential relaxing of antitrust regulations have experts bullish about 2017.
Adam Simpson’s parents worried about his habit of growing small bioscience companies to the point where they would be acquired by a large pharmaceutical company.