Ingram's June 2022

Ingrams.com | June 2022

WORLD CUP KC 2026! Kansas City Named World Cup Host City

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JUNE 2022 • VOLUME 48, NO. 6

Talk of the Town 7 In the News/Correspondent Business News and Legislative Updates Perspectives 4 Editor’s Note World Cup Kansas City Let the Games Begin by Joe Sweeney 9 Between the Lines A public forum, in theory, is a wonder

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ful example of American civics in action. In practice? It helps not to stack the deck for those discussions. by Jack Cashill In a capitalistic society, it’s usually a good idea to let capital do its thing, rather than promoting its outright destruction. by Dennis Boone

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11 Reflections

Features 14 Game On!

Benched for two years by a pandemic, the 40 Under Forty awards ceremony gets back to business.

Special Reports 21 Best of Business

13 In a Nutshell

A convergence of negative news pro duced an investing rarity this year: An April with broad market losses. by Ken Herman

16 Grape Expectations

With Missouri wineries leading the way, a bi-state surge in agritourism is being unleashed by vineyards, breweries and distilleries. By Dennis Boone

Kansas City Awards The best business dinner? The best law firm? The best car dealer— foreign or domestic? You’ll learn who leads the pack in the eyes of Ingram’s

Business & Commerce 58 Wealth Management

readers with this year’s Best of Business Kansas City awards.

21 Best of Business Kansas City 2022

With the Fed raising rates, investors need to pay closer attention to their portfolio and their options. by Stacia Williams Inflation, interest rates and illiquidity have combined to create some unusual market disruption for investors this year. by KC Mathews Leads & Lists 47 Best of Business Kansas City 2022 Winners 48 Top Area Convention & Meeting Facilities 49 Top Area Hotels 50 Airports in Missouri and Kansas 51 Airlines Serving KCI 60 Financial Adviser

Check out the best of what this region has to offer in Wining & Dining, Entertainment & Culture, Business Products and Business Services, as determined by Ingram’s readers. Amid Economic Turmoil The first half of 2022 has not smiled on investors in almost any class as equities and bond markets stagger. But wealth managers say astute investors are best-advised to stay the course. By Dennis Boone

53 Retirement Planning

56 Q&A With . . . Bill Conway

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Merger and acquisition activity cooled during the first half of 2022, thanks largely to stiff economic headwinds. The CC Capital Advisors managing part ner sees things picking up soon, though.

cover photo courtesy of Sporting Kansas City

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E D I T O R ’ S N O T E

by Joe Sweeney

World Cup Kansas City

In the early 70s there was a remarkable economic development boom in Kansas City. Can we repeat the performance 50 years later? The opportunity is here. Kansas City has been selected as one of 16 North American cities to host the World Cup. This is a big deal. The Economic Impact for a host city for the World Cup is absolutely massive. Held every four years, the World Cup is easily the most watched sporting event in the world. Millions of eyes will be on Kansas City, possibly billions. We will be on the world map once again. The “I” in KCI may actually begin to have meaning. Perhaps as kids we took progress for granted. I was a 7th grader at St. Elizabeth’s in 1972, the year Arrowhead Stadium hosted its first Chiefs game. The following spring Royals Stadium opened across the parking lot from Arrowhead at the spanking new Truman Sports Complex. Kansas City International Airport also opened in 1972, as did the start of construction on KC’s then state of-the-art Bartle Hall Convention Center. These public improvements were accompanied by many ex traordinary private projects including the Hunt family’s Worlds of Fun amusement park which opened in the spring of 1973. J.C. Nichols Company’s flagship hotel Alameda Plaza, now the Inter Continental Kansas City, opened in 1972. Crown Center followed in 1973. Kemper Arena was completed in 1974, just two years before KC hosted the Republican National Convention. Everything was up to date in Kansas City!

Most readers will remember the MLB All Star Game and festivities in 2012, but how many remember the first All Star Game ever played in Kansas City in July of 1973? The Kansas City Royals played their first game in 1969 and put their stamp on the future by drafting George Brett right out of High School in 1971. I’ll never forget meeting many of the players in the lobby of the Alameda, including Johnny Bench of the Reds. I saw Mr. Bench years later at a conference in Chicago and asked if he remembered me. “Of course,” he replied. Kids are easily influenced, especially by sports celebri ties, and the opportunities for Kansas City area kids today are extraordinary. I am a believer that history tends to repeat, and while my mindset as an adult is obviously different than it was as a teen, the memories of the Chiefs winning Super Bowl III in January 1970 against the Vikings, the All Star Game in ’73, and the Royals winning the World Series in 1985 remain as fresh today as they did then. It’s once again an exciting era in Kansas City as there’s a healthy resur gence of public and private investment throughout the region. Our real strength as a region is our location at the nexus of North American Trade. Kansas City’s cen trality, coupled with the biggest boom in logistics in American history, brings this region to the forefront of North American commerce. Public projects such as the $1.5 billion state-of-the-art new single terminal at Kansas City International Airport that will open in 2023 give us a chance to high light our strengths. The airport will open just in time for the 2023 NFL Draft which will attract tens of thousands of important visitors to the area. Now, with the World Cup arriving in four short years, Kansas City has a chance to shine. COUNTDOWN TO THE WORLD CUP Kansas City’s bid—co-chaired by Kansas City Chiefs Chairman and CEO Clark Hunt and Sporting Kansas FAST FORWARD 50 YEARS

Joe Sweeney Editor-In-Chief and Publisher E | JSweeney @ Ingrams.com

photo courtesy of Sporting Kansas City

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TAKE IT UP TO 10,000’ In 2002 I was asked by the city’s largest and most prestigious business breakfast club to prepare and present the “Next Big Thing” for the KC and bi-state region. Michelle was proud of me working feverishly at the home office, but she had no clue about the scope of the project I was designing. On my virtual drawing board was a plan for the state of Missouri and its good corporate citizens to host the Summer Olympics. The plan was bold: Olympic Village would be adjacent to Mizzou. The state would develop a high speed heavy rail system to link to venues in St. Louis and Kansas City and develop key light rail connections to facilitate movement within the cities. The state would create a research triangle of sorts by tying Springfield into the mix through the I-44 and 1-49 corridors, a triangle twenty times the size of the celebrated one in North Carolina. So here comes another mega-concept developed just semi-sober hours after the announcement of KC’s being chosen as a host city for the 2026 World Cup. I ask only one question. WHAT IF? With all the talk of KC building a Downtown baseball stadium for the Kansas City Royals, what if we accelerate the process and make it happen before the World Cup arrives in 2026? What if Downtown KCMO becomes the actual site of a new stadium. Why should Jackson County care if the existing lease is replaced with a new one? If the state of Kansas were serious about making a pitch to recruit the Royals, why not issue the RFP this year and consider serious offers quali fied by strict requirements. Kansas could buy out the remainder of the unused lease when and if the Royals vacate the K. What if we build a new Downtown stadium in the underdeveloped area from 10th Street to 12th Street and from Cherry to Charlotte or Hwy 71. Other areas sur rounding Downtown could work and would enhance economically-challenged neighborhoods, but ask yourself, why was

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KANSAS CITY population: 2.17 million

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MEXICO CITY population: 8.85 million

RUNNING WITH THE BIG DOGS Kansas City has always punched well above its weight. It emerged as the smallest but arguably the fiercest dog in the fight to host the World Cup in 2026. Other larger cities bid to host the event, and many fell by the wayside. For KC to earn a spot as a host city was a major accomplishment. Rankings for the 16 host cities by MSA population are noted in the map—Kansas City is clearly the smallest city by popula tion to host the World Cup. The Kansas City area has invested $600 million in soccer facilities over the last 15 years and has earned recognition as the Soccer Capital of America. KC’s champi onship-winning teams have hosted several international competitions, and the soccer community and investors have strategically aligned to develop a growing collection of world-class soccer facilities and venues. Sporting Kansas City is the big dog in our soccersphere but there are other emerging franchises, including the KC Current with a new training facility open this year and a Downtown stadium that will open in 2024. Clark Hunt follows his father Lamar Hunt’s passion to attract world class sporting events, and KC’s Truman Sports Complex and Arrowhead Stadium will serve as the epicenter of the month-long 2026 World Cup.

City principal owner Cliff Illig—was led by KC2026 Bid Director Katherine Holland with the support of an Executive Committee comprised of a group of sports executives, government officials and civic representatives from across the region. Together, the bi-state effort delivered a strategic vision for securing the largest event in Kansas City history in col laboration with many key stakeholders, including proposed training sites, hotel partners and Fan Fest locations. It’s been nearly a decade of antici pation for the big announcement that rocked Kansas City Live at the Power & Light District the blazing hot afternoon of June 16. There were 44 North American candidate cities that bid to host the 2026 FIFA World Cup and 16 remained stand ing in the end, including 11 US cities as well as three from Mexico and two from Canada. Hosting the 2026 FIFA World Cup will be a boon for Kansas City. The Economic Impact for a host city for the World Cup could be around $700 million. In 2018, a combined 3.572 billion viewers watched the World Cup and an estimated 6.8 million tourists visited host cities. The 2026 World Cup expanded to include 48 nations, after previously taking place with 32. Eighty matches will be played to crown the world champion.

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Memorial Stadium replaced by Kauffman Stadium and Arrowhead at the Sports Complex? Be honest. What if, with the need for optimal soccer facilities for the World Cup and given the extraordinary run the Kansas City Chiefs have had in recent years, Kansas City considered the construction of a World Cup soccer stadium that would become the home of the Chiefs in the Fall of 2026 and international soccer matches in future years? Consider for a moment the invest ment made from cities and regions that host the Summer and Winter Olympics and how these cities usually flourish from their investment and benefit long term by use of these assets and sports facilities. Correct me if I’m wrong, but can not Kansas City become the Sports Capital of the World if we put our hearts in it? And can not the collective will of the architec tural and engineering design community coupled with the world class general contractors here rally to accomplish this challenging feat? I had a conversation the day I write this with long-time friend and President of the Midwest Region of J.E. Dunn Construction, Paul Neidlein. Said Paul, “Build a world class MLB and/or NFL Stadium in KC in four years! Are you nuts man?” But it could be done. Right? Good point. Look, I lack the financial heft or political power to drive decisions. I lack too the design prowess to create plans for such a bold concept, but I will tell you this. I’m surrounded by all of those brilliant leaders who collectively could drive a concept this bold. That is if the politicians do not impede the progress by squabbling over who gets what piece of the action. Regardless of the aforementioned, infrastructure is vital and public trans- portation essential. It’s time to concur- rently finish the expansion of the Stre etcar to the Plaza and design a Downtown to the Sports Complex line and a central ized transit hub. Hey—Union Station! Let’s be real. The financial strain to fund such investment would be monumental. Consider as well, how useful Royals Stadium and Arrowhead Stadium are. Part of the reason is that 50 years ago these were state-of-the-art

stadiums—designed by the best in the business from right here in Kansas City. And we’ve invested heavily multiple times to keep them renovated and competitive. But have you been to Las Vegas to see the Raider’s new stadium? Or to a Chiefs game in Houston against the Texans? Take a close look at many of the newer stadiums around the country. Our design community from right here in River City designed all of these great stadiums. If the Royals owners were to move the team Downtown or consider moving to Kansas, and the Hunt family and the Chiefs made the commitment to build a state-of-the-art football (and occasionally used for soccer) stadium, the massive need for parking may keep them at the Sports Complex. I’d think building a new stadium where Royals Stadium is presently located would make the most sense. But timing with the World Cup eliminates that option. There is plenty of room, however, at the Sports Complex to build a new football stadium and to utilize it and Arrowhead as well for the World Cup. 54 years is a long life for a professional sports stadium, and I personally think it’s time to build both new stadiums and to bring baseball downtown. Michelle and I lived in St. Louis for several years, and I was raised a Cardinals fan (my great aunt was the team chaplain for years). There is no better fan experience than enjoy ing the city life before or after a game. Downtown KC would flourish. What if, now that we’ve earned the right to host the World Cup, we turn on the after-burners and exceed everyone’s expectations? It would be a very bold move to consider either of these sug gestions but here’s another: Continue to maintain Kauffman Stadium and repurpose it to become the best outdoor concert venue in the nation, or the home of the College Baseball World Series, or the home of the Kansas City Monarchs? Fifty years ago our business and government leaders aligned to remake Kansas City into one of the most vibrant cities in the nation. What if we reload our creative juices after enjoying the celebration being named a World Cup host city and reclaim the prominence this city enjoyed many decades ago.

Editor-in-Chief & Publisher Joe Sweeney | JSweeney @ Ingrams.com Editorial Director Dennis Boone | DBoone @ Ingrams.com Senior Editor Jack Cashill | Editorial @ Ingrams.com Columnists Director of Sales Michelle Sweeney | MSweeney @ Ingrams.com Art Director Traci Faulk | Production @ Ingrams.com Contributing Photographers Chris Crum Richard Rosenberg Sporting Kansas City Copy Editor Nancie Boland | Editorial @ Ingrams.com Ken Herman KC Mathews Stacia Williams

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Ingrams.com MISSOURI’S AND KANSAS’ DIGITAL BUSINESS MEDIA The entire contents of this publication are copyrighted © 2022 by Show-Me Publishing, Inc. with all rights reserved. Reproduction or use in any manner of editorial or graphic content without permission is prohibited. The magazine assumes no responsibility for unsolicited manuscripts. Ingram’s reserves the right of unrestricted editing of articles. Submissions must be in writing to be considered. Ingram’s (ISSN #1046 9958) is published monthly by Show-Me Publishing, Inc. at 2049 Wyandotte, Kansas City, Missouri, 64108. Price: $44.95 for one-year, $69.95 for 2 years and $99.95 for 3 years. Back issues are $5 each. Periodical postage paid at Kansas City, Missouri, and additional mailing offices. POSTMASTER: Please email address changes to JRyan @ Ingrams.com, fax to 816.474.1111 or mail changes to Ingram’s Magazine at 2049 Wyandotte Kansas City, Missouri, 64108.

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I N T H E N E W S

Tidbits of Business News from Around the Region

MISSOURI CASS COUNTY Drury Sets Up Shop

wrap up in early 2023.

traffic, the Buck O’Neil Bridge might not be very wide as parks go, but the 540-foot span over the Missouri River would make for an ideal linear park, advocates say, and they’re pressing for state and local funding to salvage the structure from next year’s scheduled demolition. Kansas City has issued requests for proposals on a feasibil ity study to determine whether such a park could complement the multifamily boom in the adjacent River Market area. PLATTE COUNTY KCI Update Now, less than a year from its projected opening, Kansas City International’s new single-terminal design is coming down

Plaza-Area Tower Plan LANE4 Property Group, a long-time powerhouse in retail development, is flexing its residential muscles with plans for a 12-story multifamily tower on the block northwest of the Country Club Plaza. The 342-unit building at 47th and Belleview Ave., where two previous multifamily pro posals failed to gain traction, would include a four-story underground parking garage and street-level commercial space. Bridge-to-Park Study With a width of just four lanes of

Springfield-based Drury University is stepping up to help fill the dearth of higher-education opportunities in Cass County with night and online classes. With 104,000 residents, Cass County is the biggest county in the region without a hometown higher-education program. Drury will plug some of that workforce training gap with courses that include orga nizational leadership, business foundations, business and professional presentations, introduction to law, and legal reason ing. This fall, that will expand to 16-week undergrad courses in business, education, public safety, health, and behavioral science. Ford Motor Co. says it will invest $95 million to establish a third shift at the Kansas City Assembly Plant, increasing production of the Transit van series—a move the company says will add 1,100 union jobs at one of the region’s biggest employers. Already the nation’s top employer of hourly auto workers, more than 7,000 of them already working at the Claycomo plant. Ford says the overall expansion will produce 6,200 new union jobs in the Midwest, plus tens of thou sands more in indirect hiring at suppliers making various automotive parts. JACKSON COUNTY Lee’s Summit Mega-Warehouse The first bulk Class A speculative industrial development in Lee’s Summit is now underway with groundbreaking for the Lee’s Summit Commerce Center. The 75-acre site will include 781,000 square feet of industrial space NE Douglas Street and NE Tudor Road, with access to nearby I-470 and 50 Highway. Spaces for tenants will start at 30,000 square feet, with three buildings. The largest, 430,000 square feet, will offer cross-dock space, with sin gle-load buildings of 238,000 and 113,000 square feet. Construction is expected to CLAY COUNTY Ford to Hire 1,100 More

Correspondent News Updates from the Capital cities

Washington | Senate Snuffs Out Small Business Aid Despite bipartisan work to craft the language, the Senate has killed a $48 billion lifeline to restaurants, gyms, and other small businesses crushed by the pandemic that started nearly 2½ years ago. On a 52-43 vote—well short of the 60 votes needed to advance—opponents prevailed with their arguments that the additional spending would further balloon the federal deficit and add more fuel to the fires of inflation. Supporters said the money was desperately needed to help keep thousands of debt-riddled small companies stay afloat. The goal was to get $40 billion into the hands of restaurant owners and $8 billion to various other companies. Jefferson City | Funding Bonanza for MTC0 Before wrapping up its 2022 session, the Missouri General Assembly went big on technology funding, designating $31 million in fiscal 2023 funding for the Missouri Technology Corp.—more than 10 times MTC’s allocation for this fiscal year. A spokeswoman said Gov. Mike Parson was still studying the measure and had not yet determined whether to sign off on that increase, which significantly shot past his $4 million recommendation for MTC when the assembly convened in January. The MTC, a public-private partnership, was created to promote entre preneurship and funnel start-up funding and ongoing assistance for organizations that support entrepreneurs. Topeka | Sports Gambling in Kansas? You Can Bet On It Gov. Laura Kelly has signed a bill that allows sports betting, including a provi sion for four casinos with state affiliation to use online gambling platforms and allows them to create sportsbooks. Under the measure, restaurants and nonprofit fraternal or veteran organizations can offer sports betting, making Kansas one of 32 states that have legalized sports gambling. Supporters say the measure could yield as much as $45 million for the state, based on a 10 percent tax rate, which itself is projected to grow by $5 million a year. In Kansas City, the measure is being eyed warily for its provision to create incentives that could be used to lure pro sports teams to Kansas, potentially even the Chiefs or Royals.

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Tidbits of Business News from Around the Region

the backstretch as installation began in May for the seven new baggage carousels. Passengers arriving at KCI next spring will be directed down to what’s being des ignated as the arrivals level to claim their luggage, then exit to ground transporta tion or the parking garage. The terminal is expected to begin operations about the time of the National Football League draft, which will be broadcast from Kansas City in April 2023. KANSAS DOUGLAS COUNTY Trafficway Work Planned Development will get a boost from a major infusion of federal and state funds for the South Lawrence Trafficway, a project that will receive $14 million from the city and Douglas County, with the bulk of the funds provided by the Kansas Department of Transportation. The $124 million project, in two phases, will focus on improvements between Iowa Street and Sixth Street, in

the northwest part of Lawrence, as well as work at 27th and Wakarusa. Construction is expected to start in late 2024.

manager’s assets under management by $612 million. Emerson serves high-net worth clients with services that include career transitions, retirement readiness, and multigenerational wealth strategies, and services such as planning, develop ment, succession, sale, and consultation. Lone Elm Commerce Center Olathe’s logistics space will expand by more than 282,000 square feet, thanks to the City Council’s approval of incentives for a pair of spec buildings—of nearly 148,000 square feet and 135,000 square feet—in the Lone Elm Commerce Center. Already listed for leasing, the facilities are expected to be complete before the end of 2022. Gardner Apartment Project Gardner’s City Council has signed off on a rezoning request for a massive mul tifamily development that would produce 600 apartments and townhomes. Austin Park will hold nearly 575 apartments with one or two bedrooms and 32 three-bed room townhomes.

JOHNSON COUNTY The Next Big Thing

Gov. Laura Kelly was among the dignitaries on hand in May for the ground breaking of the massive New Century Commerce Center, a 9.5-million-square-foot expansion that officials say could eventu ally lead to 8,800 new jobs in southwest Johnson County. An estimated 4,700 per manent jobs will be created by the $287 million project, and 3,500 construction jobs will be required over the course of a 16-year buildout at 159th Street and Old Highway 56. Already planned for the site are a 330,000’ sq. structure, and an even larger spec building, covering 750,000 square feet. Mariner Lands a Big One MarinerWealth Advisors plans to acqu- ire Emerson Wealth LLC of Bloomfield Hills, Mich., swelling the Leawood wealth

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B E T W E E N T H E L I N E S

Pointed Perspectives & Penetrating Punditry | by Jack Cashill

What We Need to Know About the Average Joe

Americans may gripe about high energy pric es, but they’ll find a way to cope. They’re less tolerant of elites telling them to shut up. We are lucky to live where we do. As of this writing I have yet to pay $4 a gallon for gas, a price that already seems a distant memory to Californians and may seem quaint to Ingram’s readers by the time this magazine hits the newsstands. “It looks like gas prices are going to continue weighing on consumers throughout the rest of 2022,” writes William White of Investor Place. “Add in inflation and rising interest rates, and it looks like this will be a tough year for the average Joe.” In the ordinary election year, the average Joe could take heart thinking that authorities would work overtime to keep gas prices down, but this year, Joe Average has no such hope. President Joe has preemptively dashed it. “[When] it comes to the gas prices,” Biden said in late May,

supposed to do that! On my side, however, was the official “fact checker.” As he attested, my numbers were right. I wouldn’t enter a hostile arena—and it was that—without knowing they were. The “moderator” on climate change panel, Martin Rosenberg, made Katz look like the soul of restraint. In the evening’s most telling exchange, James Taylor, president of the free-market Heartland Institute, challenged the assumption embedded in the program’s title, namely that “the climate is chang ing” in some negative way. The search for a solution, Taylor argued, “implies a problem.” He then cited a litany of data refuting just about every scare headline on droughts, hur ricanes, tornados and the like we’ve seen for the past 20

“we’re going through an incredible transition that is taking place that, God willing, when it’s over, we’ll be stronger and the world will be stronger and less reliant on fossil fuels when this is over.” To praise a budget-busting surge in gas prices as an “incredible transition” suggests that President Joe—and the green activists who program his teleprompter—have chosen to sacrifice the needs of Average Joe to that very transition.

years. Although the fact checker backed Taylor, “moderator” Rosenberg could barely contain him self. Citing a United Nations report, he asked rhetorically, “The science of climate change is settled. Do you dis- agree?” When Taylor dared to disagree, Rosenberg pulled

A public-issue forum is a classic example of American civics in action. The trick to making those discus sions work is keeping the playing field level.

Curious to know what local greens think about the average Joe, I watched a video from an American Public Square event staged in late May at William Jewell College. The name of the program was “The Politics of Mother Nature: The Climate is Changing—Should You?” Framing the Debate In the way of background, Allan Katz, a former UMKC pro fessor and U.S. ambassador to Portugal, launched the American Public Square project seven years ago. The idea is a solid one, namely the restoration of civil discourse across political divides on a wide range of issues. In the ideal world, forums along these lines would be staged more often and on more visible platforms. The challenge, however, is to keep the playing field level. As I know from experience, it is not easily done. Six years ago, I served as a panelist on an American Public Square program of which Katz himself was the moderator. At one contentious point in the conversation, Katz hung up the whistle, took off the zebra stripes, and scolded me for being “disingenuous.” Hey, I thought, moderators aren’t

out the ult imate weapon in his arsenal, The New York Times , “which,” said Rosenberg, “I consider the best newspaper in the world.” Rosenberg’s imprimatur carried extra weight, he informed the audience, because “I have a training as a journalist. I have a mas ter’s in journalism.” Rosenberg seemed to have no idea that to the average Joe, his boast sounded like the punch line to a joke. Had Rosenberg ever left his bubble, he would have known that. True to form, Rosenberg fretted about “equity” issues. This is mandatory in any discussion about anything today.

Jack Cashill Ingram’s Senior Editor P | 816.842.9994 E | Editorial @ Ingrams.com

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And yet no one but Taylor even men tioned today’s ultimate equity issue—the crushing price Average Joe has to pay at the pump. Throwing the panel a curve, Taylor moved away from discussions of energy and cited as the “greatest problem” today our increasing inability to express differ ing opinions without hating each other. In April, Kansas City’s favorite weath erman, Gary Lezak, learned just how much hate a different opinion can generate. “I think there are benefits to a warmer climate, more than if the Earth were turning colder,” Lezak tweeted. “I do not believe there is any emergency. It’s a very long-term, gradual process.” Responded a local biology teacher, one of many irate viewers, “Oh Gary! We’ve loved you for years but this is REALLY not OK. So much about this is wrong, backwards, and downright dan gerous.” What is dangerous, as Taylor suggested, is our increasing inability to

discuss anything more controversial than a called third strike at a Royals game. Under pressure, Lezak recanted. The problem has been metastasizing for years. Fifteen years ago, I moderated an Ingram’s panel on energy. One of our participants on that panel, Jason Holsman, Other than Average Joe’s money, the one resource that has been disappearing is the freedom to speak one’s mind. then a Democratic state representative and now a Missouri Public Service commis sioner, suggested that the road ahead was going to be a bumpy one for the average Joe. To “solve one of the greatest issues

that my generation faces,” Joe was simply going to have to pay more for energy. When I asked Holsman to explain what that issue was, he looked surprised and scrambled to answer, citing first our finite energy reserves and only then offering the qualifier that they “produce the carbon emissions that we’re trying to move away from.” In the last 15 years, Holsman’s “great est issue” has proven to be so much hot air. Our climate is not noticeably different today than it was then, and our energy resources, if anything, seem more bounti ful—if we’re willing to extract them. Other than Average Joe’s money, the one resource that has been disappearing is the freedom to speak one’s mind. Allan Katz has a good idea. Now, he and his allies just have to swallow their biases and make it work. The views expressed in this column are the writer’s own, and do not necessarily reflect those of Ingram’s Magazine. Jack Cashill , Senior Editor, Editorial @ Ingrams.com

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R E F L E C T I O N S

by Dennis Boone

At the Intersection of Business and Life

Policies that advocate development for the sake of development, rather than economic utility, are a slow-growing societal cancer. Of all the nutty propositions belched up by “experts” in matters of social/economic policy, one of the nuttiest holds that part of America’s challenge with its housing stock is that it is . . . too durable. Yeah, you read that right. Too well-made. I won’t embarrass the author of that piece, the leadership of the magazine in which it appeared, or the corporate ownership by naming that publication here, but that was the central premise of an article I stumbled across recently: America needs more housing that will fall apart sooner than the homes we’ve been building. It’s like a whole-home application of Bastiat’s broken-window treatise, which has been the foundation of sane economic policy for nearly 175 years—at least when the public-sector leadership has paid attention to his lessons. Doubly confounding is that the author’s main source of employment If Capitalism Is to Work, It Must Value . . . Capital housing. Prices in decline might actually be a good thing. If the municipal concern is driven by a fear that declining home values will contribute to further urban decay, then it’s up to that local leadership to craft incentives to maintain, even upgrade, homes left behind by those moving out. Otherwise, we’re looking at raw capital destruction. Might want to bone up on your Bastiat if the implications of that escape you. It’s not unlike one of the greatest, yet least-explored, instances of capital carnage most of us have ever witnessed outside of a war zone—the late, lamentable Cash for Clunkers program of 2009. Remember that policy gem? It was going to help ignite consumer spending during the Great Recession by jump-starting purchases of new cars—after claiming your government check, which likely exceeded the value of the gas guzzler you had to give up. But consider this: Even if that dinosaur

was through a non-profit started by none other than Charles Koch, scion of Wichita-based Koch Industries, well-despised by anti-capitalists everywhere for his free-market business philosophies. You know: the ones that have built the nation’s second-largest private company. The crew designing search algorithms for Google graced me with a link to that article during research for our construction-sector coverage. We were studying the impact of more and better construction practices on the overall quality of the U.S. housing stock and the potential deterioration brought on by a

Razing a dilapidated house or scrapping an obsolete vehicle might lead to wealth creation. Trashing stuff with real, tangible value never will.

you surrendered had the value of a single dollar, it represented a dollar of capital being extinguished. And it wasn’t a single dollar— there were billions of others involved. Why that simple concept was lost on backers of the program remains a mystery to many of us today. The real kicker: The anticipated car buying frenzy didn’t salvage the U.S. auto industry—in fact, it made things worse. Gee: Who could have foreseen that? Not only were most newly incentivized participants planning to buy a new vehicle within the coming six months anyway, they were required to buy a more fuel-efficient car. Did that help Ford and General Motors? Uh, no. That helped Toyota and Honda, which claimed half the spots on the list of top 10 vehicles purchased through the program. What a great idea. “OK, so it didn’t work with cars . . . but wait until we try it with houses!” The collective clown show running the circus in Washington, it seems, will never learn. Of course, I could be wrong about that: They may know full well the impact of these kinds of policy prescriptions. In which case, they’re not ignorant. They’re evil.

prolonged pause in the construction cycle during the Great Recession. The author noted that, at the time of publication, more than half the nation’s homes had been built before 1980, and roughly 1 in 8 before 1940. Anyone who counts the value of a paid-off home among the assets in their portfolio surely knows that durability—read: value—of what may be their biggest asset is a problem, right? (Note to self: does a /sarc switch work in print?) The take-away from that piece was that if cities like Detroit hadn’t built great homes earlier in the 20th century, it would have been better for everyone to just knock ’em down and replace them with more attractive units and potentially cheaper ones when the auto sector tanked. That way, you don’t have expensive homes being abandoned or sold at steep discounts by those who have the means, the skills, and the education to flee economic decline. When they move out, the author postulated, the quality of the greater work force declines, and those in lower-paying jobs account for a rising share of potential buyers, touching off a cycle of declining prices and a buyer pool that is increasingly unable to afford the quality that comes from durability. What a lot of rot—and not just wood rot. One thing the nation needs in spades right now is more affordable

Dennis Boone is the edito rial director at Ingram’s. E | DBoone @ Ingrams.com P | 816.268.6402

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Kansas City’s Business Media

June 2022

I N A N U T S H E L L

by Ken Herman

What Financial Stability?

Multiple factors, foreign and domestic, are pushing prices higher for consumers and creating volatility for investors. The Federal Reserve painted a somewhat concerning pic ture of the global financial system in its latest semi-annual Financial Stability Report, citing particular examples that warrant more attention. Surging inflation, as well as Russia’s evil war against Uk raine, now are more worrisome than the ongoing coronavirus pandemic. A quick monetary-policy-tightening cycle may also result in lower economic output, as it increases borrowing costs. In turn, that could lead to job losses, unsustainable debt levels for some businesses, as well as a negative impact on the housing market because of much higher mortgage rates.

chain normalization and steadying goods consumption. But pandemic-in- spired shutdowns in China could eas- ily delay the supply-side improvement by a few months, making the need for demand fulfillment more pres sing. Additional upside inflation sur prises may cause the Fed to tighten more aggressively through the year. In fact, it could lead to some partici pants arguing that 75 basis points should be considered in June. April historically had been one of the best months for the market, but that trend certainly did not continue in 2022. The Dow lost almost 5 percent

for the month. Much more concerning, the NASDAQ fell 13.3 percent in April—its worst month since 2008—putting that index deep into bear market territory (now 24 percent be-low its November peak). The S&P 500 also lost 8.8 percent in April. Just a couple of weeks ago, the yield

Even if inflation is to subside a bit, that won’t resolve the complex issues challenging the U.S. economy.

In addition to broad economic issues, the Financial Stability Report also looks at trends in trading and investing. A sharp rise in interest rates could lead to higher volatility, stresses to market liquidity, and a large correction in prices of risky assets, potentially causing a cycle of losses. There is the potential for continued volatility and unevenness of global growth as countries continue to grapple with the pandemic, and Russia’s unprovoked inva sion of Ukraine has further increased eco

nomic uncertainty. Declining investment in times of rising uncertainty and volatility could result in the beginning of a negative economic cycle, as lower liquidity in turn may cause prices to be even more volatile. That could be particularly worrisome considering the share of U.S. household wealth that comes directly or indirectly from stocks. That contribution to household wealth has been measured to be a record 41.9 percent through the end of 2021, more than double where it was 30 years ago. Despite a marginally lower headline inflation rate in April, the details of the CPI remain clearly awful. First, it is hard to feel very positive about inflation dropping when it drops from 8.5 percent to 8.1 percent. It is harder still to feel good about lower gas prices in April when they are already back near record highs in May. Additionally, while base effects from 2021 may lower re ported year-on-year CPI inflation toward 7.5 percent in the next two months, those same base effects may then push calculated inflation higher for the three months after that. No one should be celebrating temporary minor price relief from the USA’s worst inflation since the painful Carter years. Hoped-for inflation moderation this year is premised largely on improvement in core goods prices from supply

curve was inverted, sounding reces sion alarm bells around the globe. Since then, the curve has somewhat normalized as yields have pushed higher across the entire curve. At this point, investors will take any sliver of good news that is fit to print. A cooling of inflation rates would be a major headline for the market to embrace. However, a tamer set of inflation numbers alone won’t fix the same issues that have been (and will continue to be) stiff head-winds. The prolonging of the Ukraine war, the continuing zero-tolerance lock down against COVID in China, the illegal immigration disaster at our southern border, and continuing clog- ged supply chains will keep prices high for gas, food, and almost every- thing that consumers and businesses depend on. Do you miss Trump yet?

Ken Herman served as the Managing Director of Bank of America Global Capital Markets and was the Mayor of and served on the City Council in

Glendora, Calif. E | Editorial@

Ingrams.com

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Ingrams.com

YOUR NEW HOMETOWN NETWORK Being chosen as a ‘Best of Business in Kansas City’ winner, from the readers of Ingram’s, came with a multitude of emotions: gratitude, excitement, and most of all – a humbling affirmation that we’re valued as a part of this wonderful community we live in and love. And we’ll use it as our inspired reminder to continue being the best for Kansas City, and other communities across the nation.

PROUD INGRAM’S “BEST OF BUSINESS” KANSAS CITYWINNER

HIGHLIGHT | INGRAM’S 2022 40 UNDER FORTY CELEBRATION AT MONARCHS GAME

“… at the Old Ball Game” 40 Under Forty awards get back to business with burgers, brews and baseball.

they hoisted a few adult bever ages and then they settled in to watch the Kansas City Monarchs roll over the RedHawks of Fargo Moorhead, North Dakota, 6-1. This year’s class—the 24th— brings to 960 the number of Kansas City-area business exec utives who have been recog nized as 40 Under Forty hon orees. That makes next year’s class a milestone group—it will bring the total program alumni count to an even 1,000. We encourage folks to nominate can didates for Ingram’s 40 Under Forty at www.Ingrams.com.

of their moment in the sun by the pandemic and its restrictions on large-scale gatherings over the past two years and change. May 19 produced a warm, sunny afternoon that drew hon orees, family, friends and co workers to western Wyandotte County for the first 40 Under Forty celebration gathering since 2019, and the first time this recognition event had been held outdoors. They reconnected with ac quaintances not often seen dur- ing the past 2½ years, they forged new connections with honorees,

It was, in the vernacular of sports broadcasting, a beautiful day for baseball—but also for getting a few hundred friends together to celebrate the 2022 Class of Ingram’s 40 Under Forty. And what better venue than dur ing a springtime evening with baseball as a backdrop? To that end, Monarchs Stad ium in Kansas City, Kan., was the setting to toast members of this year’s 40 Under Forty. And not just those honorees: also on hand were some of their peers from 2020 and 2021. Those two classes had been cheated out

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photos by Chris Crum and Richard Rosenberg

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1. Past and present 40 Under Forty aligned as 2022 honoree Amanda Clin e of United Real Estate Group (with husband, Mike Cline , left), chatted with Platinum Realty’s 2019 honoree, Scott DeNeve , and his wife, Stacia . | 2. With an assist from recent addition Jack , Erin Nybo flashes her 2022 honoree hardware. | 3. Monarchs Stadium in Wyandotte County’s Village West was the setting for this year’s awards ceremony. | 4. Lee Norman , left, former Chief Medical Officer for The University of Kansas Hospital, connecting with Angie Hudgins and 2022 honoree Anna Werner (right, with husband, Jason Werner ). | 5. Family, friends, mentors and co-workers pushed attendance to several hundred for this year’s festivities. | 6. Maurice Moss of the Kansas City BPU, a 2022 honoree, accompanied by James and Emma . | 7. Honoree Felisha Parker of McCarthy Auto Group, with Sophia and Sloan standing by. 8. Debbie Wilkerson of the Greater Kansas City Community Foundation, the 2022 Alumna of the Year, receiving honors from Ingram’s Joe Sweeney . 9. Plaques recognizing this year’s class, bringing to 960 the number of rising young executives honored since 1998.

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Kansas City’s Business Media

June 2022

Cheers to the Rapid Growth of Regional Wineries, Breweries and Distilleries

D avid Hoffman has a dream, one that fits nicely in a wine glass. The native of Washington, Mo., who owns more than 100 business enterprises ranging from commercial realty to executive search firms to pri vate equity, made the bulk of his for tune in his adopted state of Florida. And now he’s investing some of the proceeds closer to his roots. Earlier this year, Hoffman completed the pur chase of a series of wineries nestled in

the Missouri River Valley between his hometown and the St. Louis exurbs. Already a magnet for wine lovers, that region is about to get a serious transfor mation as his dream comes true. “This is all going to get done, and it’s going to get done fast, and it’s going to get done beautifully,” he said in an Associated Press report earlier this year. “It’s going to be a national desti nation people are going to be proud of.” The transformation of tiny August,

Mo., population 290, will include sev eral wineries, more than a dozen com mercial properties and retain a small town Main Street feel. Also in the works is a 100-room hotel, trolley and carriage rides, and riverboat cruises. Once realized, Hoffman’s vision will bolster Missouri’s status as a wine tour ism destination. It may never be Napa Valley—California produces more than 18 times the wine gallonage as the Show-Me State—but the opportunity to

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