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Every Monday -- News from GCP

Speaking out for immigration reform

The Greater Cleveland Partnership has joined more than 600 business organizations from around the country in signing a letter to House Speaker John Boehner, Majority Leader Eric Cantor, Majority Whip Kevin McCarthy and Republican Conference Chair Cathy McMorris-Rodgers in support of immigration reform.

The letter said that the undersigned “ are encouraged by the House Republican Conference’s review of “Standards for Immigration Reform.” We support Congress and the Administration moving forward on immigration reform using these Standards as the guideposts for action this year.

“We are united in the belief that we can and must better for our economy and country by modernizing our immigration system. Done properly, reform will deter illegal immigration, protect and complement our U.S. workforce, better respond to changing economic and demographic needs, and generate greater productivity and economic activity, while respecting family unity."

Other supporters who signed the letter include several Ohio chambers and the Great Lakes Metro Chambers Coalition, of which GCP is a member, trade associations, major corporations and labor unions.

Click here to read the letter in its entirety.

We need your vote!

A designated representative of a member company of the Greater Cleveland Partnership or COSE is entitled to vote in the 2014 election of the GCP Board of Directors.

Please click here to download the ballot. By checking the appropriate box, you may either submit proxy instructions to vote for the entire slate of nominated candidates or submit proxy instructions to vote for individual names.  Submit your completed ballot to the GCP offices by mail to:

Greater Cleveland Partnership
1240 Huron Road E, Suite 300
Cleveland, Ohio 44115-1717

Or email it as an attachment to or send by fax 216.687.6788 on or before Wednesday, March 5, 2014.

Thank you for your vote!

How to help “Keep Cleveland Strong”

You can help increase public awareness—and correct public misconceptions—regarding the renewal of Cuyahoga County’s tax on cigarettes and alcohol. Here’s how:

Get involved through the writing and submission of letters to editors at various media outlets by members of your organization and through your networks. This is crucial as reader letters are very well-read both in print and online. A letter-writing campaign will be an important component to educating the public about the facts that support passage of this vital measure.

Please click here for instructions for submitting letters. The best and most effective letters are those that are genuine and personalized. We encourage you to include your—or your organization’s—specific perspective on how you think the sports facilities benefit you. If the messages in the attachment resonate with you, please make sure to put them in your own words.

The goal is for this to be a sustained effort between now and May 6. Please help "Keep Cleveland Strong" by striving to secure the submission of at least two letters every week, through your organization and network.

Click here for details.

Event co-sponsored by GCP receives national award

Greater Cleveland Partnership staff was on hand at NAIOP’s Chapter Merit Awards Gala last month in Washington, DC. where NAIOP’s Northern Ohio Chapter was recognized for the August 2013 “Developers’ Showcase” held at Flats East Bank. GCP’s Business Development Team helped to organize and sponsor the showcase.

Vince Adamus, GCP’s vice president, real estate and business development (second from right in photo), attended the event with (from left): Thomas Bisacquino, NAIOP president & CEO; Craig Miller, Duffy + Duffy Cost Segregation Services; Mark Panzica, Panzica Construction and NAIOP Northern Ohio president; Jean Kane, Welsh and Colliers International and 2014 NAIOP chairman of the board; and Alex Russo, CRESCO Real Estate.

Recognizing the best in special events, publications, membership, advocacy and more, the Chapter Merit Awards are presented annually at NAIOP’s Chapter Leadership & Legislative Retreat in Washington, D.C. Recipients are selected by a committee of their peers comprised of volunteer judges.

The Developers’ Showcase featured a market showcase of exhibitors and over 200 regional real estate professionals listening to national site selectors and capital markets professionals discuss our region’s strengths, weaknesses and opportunities. Partners for the event included many private sector real estate organizations and public and nonprofit economic development agencies.

Congratulations to our local NAIOP chapter!

Strategies to drive middle-market growth

Personnel planning helps navigate rough waters

Middle-market companies are advised to undertake strategic planning on personnel issues now so they’ll have more flexibility and resiliency in a downturn.

Erik Shermann, an author, corporate communications blogger and National Center for the Middle Market contributor, offers 10 planning tips to address personnel issues that leadership should follow to make their company stronger during tough times. They include:

  • Manage your cost structure. Don't wait until changing conditions force you to meet an unrealistic cost structure head on.
  • Re-engineer. Even if layoffs are necessary, use the opportunity to reexamine all business processes and models.
  • Borrow to keep key people. Debt service on a loan could be cheaper than lost opportunity and skills.

Click here for more tips.

Financial synergy can stimulate post-acquisition investment

With a high percentage of middle-market firms—about 40 percent—expressing an interest in mergers and acquisitions, a new in-depth study for the National Center for the Middle Market (NCMM) suggests that they should give strong consideration to financial synergies that can result in more post-acquisition investment in projects that were placed on hold due to previous limitations.

Written by Ohio State University Professors Michael Weisbach, Yeejin Jang, and Isil Eril, the authors say that “Being acquired will lead target firms to evaluate investment opportunities using a lower cost of capital, and consequently undertake more of them."

In discussing the study, NCCM contributor and free lance reporter Chuck Leddy, notes that although the data was collected from European transactions, “these financial factors may be even more important in the United States, as the Fed tapers off its bond-buying stimulus, leading to higher costs of capital in general.”

“…The financial considerations in the report offer lessons in due diligence for both sides of any acquisition. Having cheaper access to capital for your middle market company, and simply having more of it, may be one of the most important elements of mergers and acquisitions deals.”

Click here to read more about the study and analysis of the results.