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Greenville Business Magazine

The Business Narrative: Financial Health

Oct 10, 2024 09:20AM ● By Donna Walker
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CFOs Remain Optimistic for 2024

CFOs remain largely optimistic about their economic trajectory as they plan for the last quarter of 2024, according to The CFO Survey, a collaboration of Duke University’s Fuqua School of Business and the Federal Reserve Banks of Richmond and Atlanta.

 

Despite increased concerns around the health of the overall economy and some uncertainty related to the upcoming election, respondents said they still expect employment and revenue growth in the third quarter.

 

In the survey that closed on Sept. 6, about 450 financial executives reported little change in optimism about the economy or about their own firm prospects.

 

“In spite of uncertainty in the economy, firms still expect a soft landing,” said Sonya Ravindranath Waddell, vice president and economist with the Federal Reserve Bank of Richmond.

 

Waddell added, “Financial executives expect to see growth in their employment and revenues through the year as firms continue to invest in the infrastructure that they need not just to continue operations, but to increase capacity and offer new products. In addition, expectations for price growth continue to come down into more normal territory.”

 

But there are headwinds.

 

About 30 percent of firms reported postponing, scaling down, or canceling investment plans due to uncertainty around the upcoming election. In addition to the political climate, respondents cited as other concerns the overall health of the economy and future demand.

 

When asked, about a quarter of firms said that access to or the cost of financing would constrain their capital spending in the next 12 months — a response that was more common among small firms than large firms.

 

On average, the firms that were financially constrained would plan to invest almost 40 percent more on capital relative to their current spending plans if constraints were removed.

 

Nonetheless, the share of firms intending to invest in the next six months didn’t change much since the first quarter of the year.

 

In the new survey, more than a third of firms responded that they intend to invest in structures in the next six months and two-thirds intend to invest in equipment.

 

Although most firms report that they are investing in repairing or replacing existing infrastructure, firms also reported increasing capacity and offering new products or services.

 

The latest survey, as well as historical data and commentary, can be found at www.cfosurvey.org

 

The Richmond Fed covers North and South Carolina, Maryland, Virginia, Washington, D.C., and most of West Virginia.

Wealth Enhancement Group Announces Acquisition of FinTrust Capital Advisors

Wealth Enhancement Group, a national independent wealth management firm with over $94.7 billion in client assets, announced the acquisition of FinTrust Capital Advisors, LLC, a hybrid RIA headquartered in Greenville, South Carolina, with additional offices in Anderson, South Carolina, and Athens, Georgia.

 

The team of 14 advisers and 13 support staff oversees more than $2.39 billion in client assets and is led by Chief Investment Officer Allen Gillespie.

 

Jeff Dekko, chief executive officer of Wealth Enhancement Group, said, “It is exciting to expand our presence in the Southeast by joining forces with FinTrust Capital Advisors. Allen and his knowledgeable team are experienced at their craft. They create customized financial solutions tailored to their clients’ unique needs.”

 

Founded in 2007, FinTrust Capital Advisors offers advanced financial planning, investment management, and retirement plan services to their clients including business owners, professionals, and high-net-worth families.

 

Said Gillespie: “Our firm was built on the premise that the best wealth management advice combines investment management guidance, advanced financial planning, and tax strategies with strong client relationships. Joining Wealth Enhancement Group allows us to strengthen that promise by tapping into their robust network of central services.”

 

Park Sutton Advisors, a Waller Helms company, served as the exclusive financial adviser to FinTrust Capital Advisors.

84 Lumber Grows South Carolina Footprint With New Operation in Clarendon County

84 Lumber, included on Forbes list of America’s largest private companies, announced it selected Clarendon County to establish the company’s second component plant in South Carolina.

 

The $13.4 million investment will create 78 jobs, according to Gov. Henry McMaster’s office.

 

Founded in 1956, 84 Lumber is a provider of building materials, manufactured components, and industry-leading services for single and multifamily residences and commercial buildings.

 

The company operates 320 facilities nationwide and offers installation services for framing, insulation, siding, windows, roofing, decking and drywall.

84 Lumber’s new operation, located at 2678 Ram Bay Road in Manning, will be used as a floor and roof truss manufacturing facility.

 

“There’s no better way to mark the end of summer than by welcoming a new business to Clarendon County. The arrival of 84 Lumber not only bolsters our manufacturing sector but also reinforces our forestry industry,” said Clarendon County Council Chairman Dwight L. Stewart Jr.

 

This is the company’s second truss plant in South Carolina, focusing on coastal Carolina markets in Savannah, Charleston, Myrtle Beach and the surrounding areas.

 

The company’s first component plant in the state was announced in December 2023 and is located in Lugoff.

 

Individuals interested in joining 84 Lumber should go to the company’s careers page.

 

The state’s Coordinating Council for Economic Development approved job development credits related to the project.

 

The council also awarded a $200,000 Rural Infrastructure Fund grant to Clarendon County to assist with the costs of building improvements.

New Arts, Events Venue Coming to Navy Yard Charleston

A former naval storehouse in North Charleston will soon come back to life as a platform for emerging artists, immersive experiences, and cultural events.

 

Entertainment and event production company Big Hair Productions is launching a new arts and events venue at Navy Yard Charleston this fall. 

 

To be known as Building 64, the approximately 38,000-square-foot space features a pitched-monitor roof, vaulted ceilings, and a clerestory that allows natural light to flood the interior space through high bay windows.

 

The industrial architecture will become a distinctive backdrop for a range of rental events and productions, some of which will be designed and curated by the owner of Big Hair Productions and Billboard Reggae Chart-topping artist David “Big Hair” Brisacher. 

 

Initial events include an immersive Halloween experience, Nightmare at the Navy, on Thursday, Oct. 17, 2024, and the return of the Kulture Klash arts festival on Saturday, Nov. 16, 2024.

 

Nightmare at the Navy is an interactive Halloween experience that invites attendees to navigate a haunted warehouse and participate in a laser tag battle with aliens. 

 

Kulture Klash is returning to the Navy Yard as an annual festival that brings together a diverse mix of artists, performers, and audiences for a unique celebration of visual art, music, dance, and interactive installations.

 

Officials said the event fosters creativity, diversity, and collaboration within the arts community in Charleston, South Carolina.

 

By providing a platform for both emerging and established artists, Kulture Klash showcases an array of creative talents and fosters a sense of community and shared purpose, the officials said.

 

David “Big Hair” Brisacher is a founding member of Charleston-based reggae band The Dubplates. The band is known for its record “Box Full Of Steel,” which reached the number one spot on the Billboard Reggae Chart in 2017-2018.

 

Over the past 20 years, Brisacher has founded and produced a range of events and has worked with notable celebrities and artists, including the Beastie Boys, Method Man, 2 Chainz, and The Roots. 

 

Location:

Building 64

2301 Noisette Blvd

North Charleston, SC 29405

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