August 10, 2025 • 58 mins
On today’s program, the executive editor of the Boston Business Journal talks about the top business stories of the week. Boston Globe business reporter Catherine Carlock explains developments concerning the possible sale of federal buildings in downtown Boston. Bobby Wong, owner of the Kowloon restaurant talks about next steps for the famous establishment. Mike Marshall of Marshall Wealth Management lays out how Washington DC can impact your retirement plans and finally the co-president of Raveis Real Estate Ryan Raveis talks about the marketplace.
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Episode Transcript
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Speaker 1 (00:00):
This is the New England Business Report with Joe short
Sleeve and Kim Carrigan, a weekly roundup and discussion of
the top business news impacting our New England economy.
Speaker 2 (00:09):
Good morning, everybody, and welcome to the New England Business Report.
I'm Kim Carrigan along with Joe short Sleeve. It is Sunday,
August the tenth.
Speaker 3 (00:17):
Good morning, Joe, Ah, good morning. You know, August always
has just a little bit of a different feel to it.
I'm not saying the heat is necessarily gone, but all
of a sudden you notice people are.
Speaker 2 (00:28):
That's so true.
Speaker 3 (00:29):
You know, it's like, oh kids, you're going back to school.
They're talking about back to school shopping. August just has
a different feel.
Speaker 2 (00:35):
It does it doesn't. Everybody's sort of cramming in that
last bit of summer fun before they have to call
it quits. A lot of people out dining in restaurants, Joe.
We're right in the middle of dine Out Boston weeks.
The two weeks. You know, you go out and there's
some set menus and all the different restaurants around the city.
Gives everybody a chance to try out some restaurants that's free.
(00:57):
I have not yet, but I am headed someplace this
next week, so I'm looking forward to that. And of
course this is tax free weekend. Joe, you're buying anything.
Speaker 3 (01:08):
I feel like I'm always buying something. Okay, whatever, No,
but then it always seems to work. It does generate
the sales and people. You know, it's a success every year,
so you.
Speaker 2 (01:21):
Know, absolutely, and it keeps coming back every year, which
is really cool. Hey, we got a great show for
you today. Let's take a look at some of what's
coming up. We're gonna get started with Doug Banks this morning.
He's the executive editor of the BBJ. Doug is going
to talk to us about a story that grabbed the
attention of both Joe and me because both of us
(01:41):
are former WBZ TV employees. We also both knew this woman,
or I should say no. The woman who's involved their
former morning anchor, Kate Merrill. She quit about a year
ago after some allegations flew through the newsroom, and this
last week she filed a lawsuit against CBS and w
(02:06):
b Z and some of the individuals involved.
Speaker 3 (02:09):
Four million dollars yeah against BC in the network, alleging
what reverse discrimination in this case, so and it's a
federal lawsuit. So you know, I've known Kate. I knew
Kate for years and years and you know, very professional
and you know, went about her job every day. So
(02:30):
I don't know the specifics of what actually happened here
and what I've read and you know, in the Globe,
in the Boston Business Journal. So it's a it's a
very tough case to win, regardless of who is on
either side in these cases. I mean, when you go
to you know, federal court and cases like this, right,
(02:50):
good luck.
Speaker 2 (02:51):
Yeah, absolutely, Well, Doug's going to join us because he's
done a little digging and he's going to share a
bit of that story. And then buildings like the JFK Building,
the O'Neill Building, the McCormick Federal Building, they all spanned
like two point six million square feet when you combine
all of those buildings in downtown Boston, and now a
(03:12):
federal board is considering putting him all up for.
Speaker 4 (03:14):
Sale, all up for sale.
Speaker 2 (03:16):
Boston Globe real estate reporter Catherine Carlock, she's going to
join us.
Speaker 5 (03:20):
She's got full de tails.
Speaker 1 (03:22):
You know.
Speaker 3 (03:22):
The other thing I wanted to mention, Kim Well had
a moment with you at the top of our program.
Here is the passing of Byron Barnett, who worked at
the Channel seven for I think some forty years, and
you knew him better than I. However, as a street
reporter of WBZTV for twenty five years and general fifty
six before that for another five years, I ran into
(03:44):
Byron pretty much every day. And the one thing I
would say about Byron, and when you showed up or
you saw Byron, he always had a smile on his face.
He was always pleasant, yeah, I mean, and it stood
out because it was a rare quality that every day
you see this guy and he always had something nice
to say.
Speaker 2 (04:03):
Byron and I worked together at Channel seven for almost
nine years. He was one of the very first people
who greeted me when I moved to Boston. He retired
from Channel seven in twenty twenty one and unfortunately lost
a battle with cancer this past week back in his
beloved home state. Which is another thing that he and
I had in common, the fact that we were both Midwesterners.
(04:25):
He grew up in Minneapolis, and so Byron will be
greatly missed, and he was a wonderful reporter. But as
I've said many times over the last week he was
a much better human.
Speaker 6 (04:36):
Yeah.
Speaker 3 (04:37):
In the second half of our program today, we're going
to three big names. We're going to be talking with
Ryan Raves as the co president of Ravis Real Estate
about everything real estate. Delighted to have him along. We're
also going to have Mike Marshall here Marshall Wealth Management,
talk about what's going on in Washington, DC and how
that impacts your plans to retire. And then can we
(04:57):
have Bobby Wong at the Kloo Restaurant. I guess they
have a big anniversary seventy five years.
Speaker 4 (05:03):
Right, Yeah, seventy five years.
Speaker 2 (05:05):
You know a lot of people have marked a lot
of milestones at the Coloon in their lives, and now
the Wongs are marking a huge milestone in theirs.
Speaker 3 (05:16):
All right, Kim. We want to bring in now the
executive editor of the Boston Business Journal, of course, a
regular visitor here to our program, Doug Banks. And this
story really, you know, well shot to the front page
of the Globe. It was the lead story on the
Boston Business Journal and a story written by Doug executive
editor his headline. Former WBZ anchor Kate Merrill, Sue's station
(05:42):
for discrimination, claims demotion due to race. Now, of course, Doug,
as you probably know, Kim and I both worked with
Kate Miller. Kate Merrill, we both worked at WBZ, So
tell us what's going on here.
Speaker 7 (05:54):
Yes, Well, as you guys know personally, professionally, and many
of your listeners know, the longtime WBZ morning news anchor
Kate Merrill had left the air suddenly back last May
May four, and nobody really knew why until now. She's
filed the lawsuit against the station, against the network paramount,
and two former colleagues who are still working at the station,
(06:17):
alleging discrimination. What she's saying is that she was wrongfully
demoted after an exchange that she had with one of
her on air colleagues who's black, who she says in
her lawsuit, took offense to advice that she had given
him via a private text. She texted him to say
that he had mispronounced conquered the town of conquered how
he had said he called it Concord, and she said,
(06:39):
that's not how you pronounced it. And he's not from
Boston originally, and so apparently he took offense to it.
During a break, he went up to her, confronted her
during the break in front of the crew, in front
of the rest of the on air staff, and what
she says is instead of the executives and the network
reprimanding him for what she called unprofessional behavior, she was
(07:01):
accused of racial bias and micro aggressions. And so over
the next month she was kind of put on probation.
She got a warning letter, and then eventually her boss
called a staff meeting where she was announced she was
going to be given a demotion. She was going to
go from weekday mornings to the weekends, and you know,
(07:21):
rather than do that, she resigned again a year ago May,
and now she's seeking a jury trial to determine the damages.
So she's claiming loss of income, loss of professional reputation,
community standing, and she's been out of work for a
year because she signed an noncompete.
Speaker 2 (07:38):
Right so she couldn't work because she stepped away. She
was not let go. These kinds of cases are not
easy to win, whether you work in broadcast or you
know you we're regardless of where you work, these are
tough cases and it's pretty rare. I think that an
attorney will take these on unless they think you do
(07:58):
have a case, right.
Speaker 7 (08:00):
Yeah, I mean, I'm no legal analyst. I'm certainly not
a lawyer, but these workplace discrimination cases absolutely are. I mean,
she's a white woman claiming discrimination. There were again two employees,
the one who had confronted her and a colleague who
was also black, who took the side of that colleague
(08:21):
against her. But she in her lawsuit, I mean, there
are pages and pages of testimonies from other black colleagues
that she's worked with very successfully over twenty years, who
vouched for her. She makes a very strong case in
the lawsuit that she has opened doors for people regardless
of race or gender over the years, and so she
(08:41):
was really taken aback by this treatment. And she claims
that the station over time had been replacing white on
air personalities with people of color to be more racially diverse,
which again is fine to do unless what she's claiming
is some of the people they were bringing in were
less qualified, less good at their jobs. Uh, and the
(09:02):
people who were being let go were perfectly good at
their jobs and doing just fine and given no real
reasons for leaving. So she's alleging this sort of you know,
DEI uh stands from the station over the course of
the last few years, and that she was the victim
of what was going on there in that culture.
Speaker 3 (09:20):
And again, Doug, you mentioned that this is they want
a federal jury trial. What are the mechanics of this
moving forward?
Speaker 7 (09:26):
Again, I'm no lawyer, I'm no you know, jury expert,
but what you know, sometimes you can ask for a
specific sum of money. She's going her lawyers are saying, no,
we want a jury trial. Generally, if you're asking for
a jury trial and a jury here's the case, you
can get really really large settlements. Because juries if they
(09:46):
get if they you know, if they decide to take
Kmarol aside, you know, Paramount and WZ, you know, big companies,
they can take them for millions and millions of dollars.
So a jury will often give you, can give you
an option for five a far more in damages than
what a judge might do in hearing both sides. And
so I think that they're going for the big money
(10:07):
on this one.
Speaker 2 (10:08):
Yeah, And what we have not said is that I
know that you there at the Boston Business Journal reached
out to Paramount CBS the other side of this story,
and they did not want to comment.
Speaker 3 (10:18):
Correct, that's right.
Speaker 7 (10:19):
Yeah, they didn't want to comment. I reached out to Kate.
She's not talking though. Pretty much everything in the lawsuit
is excited about it unless you want. But no, they're
not commenting yet. I still reach out to them. Hopefully
we'll get us get something from them soon.
Speaker 3 (10:31):
Yeah me bet all right. Well, of course, Doug's here
every week to give us the headlines of the BBJ
over the week. Doug, this is another story that you
were personally involved in. Has to do with Martha's Vineyard
couple responding to a whiskey brand lawsuit. Please, what's going
on here?
Speaker 7 (10:47):
I know I'm on the lawsuit beat this last week,
and I've been writing the stories for if everyone's on
summer vacation, I guess, but no, So this lawsuit I
came across. It was filed against a couple who own
a property on Martha's Vineyard. They also are the owners
of a well known whiskey distillery in Tennessee, and they're
being sued by their lender who's trying to put their
business into receivership, which means they would have a third
(11:08):
party run the company. The couple's name is Fawn and
Keith Weaver. Their distillery makes the only black woman owned whiskey.
It's called Uncle Nearest, and the company's lender is Farm
Credit Mid America of Louisville, Kentucky. Fawn Weaver you may
know her. She's the best selling author of the story
of this Uncle Nearest whiskey founding. The book is called
(11:30):
Love and Whiskey. I actually read it last year. It's
a really interesting story. It's a story of a formerly
enslaved man who went on to become Jack Daniels master distiller.
Obviously we've all heard of Jack Daniels. Well, this was
the guy who happened to be a former slave who
was his master distiller back in the mid nineteenth century.
And so anyway, so the bank has asked for this
(11:52):
third party to take over the weavers Shelbyville, Tennessee distillery
as well as their Martha's Vineyard property in Edgar Town,
because they're saying that the Weavers overstated the whiskey barrels
in their inventory, which those barrels are also the collateral
on loans that total over one hundred million dollars in debt.
And the Weavers the very next day responded and said no, no,
(12:16):
it's not us. That was our CFO. He's been fired.
They fired him last year. He was a real problem.
He was overstating these things, trying to get us more money.
And they claimed the bank knew all about the house
in marth On Martha's Vineyard that they bought. They bought
it so that Uncle Nerst could use the property for
marketing and you've garden parties and things to sort of
(12:37):
extend the brand, and so, you know, so they're saying, hey, look,
you know, yes, did were their mistakes being made? Yes,
they were made. We've corrected that by firing the CFO.
We're actually still investigating him. According to that's what they said,
and that they said the bank knew all about it,
and they didn't understand. You know, when I talked to
Keith Weaver, the husband, on the phone both Friday and
(12:58):
then again on Monday of last week, you know, he
was saying that the bank knew all about this. We
had been telling them all along what was going on.
So we don't really know why they're taking that legal action.
And so that's that's where they ended up.
Speaker 2 (13:10):
So, Doug, the first thing that pops in my mind
hearing this story is are they meeting their projections? I mean,
is the company doing well?
Speaker 7 (13:19):
That's a great question. The bank says no. Keith Weaver
told me absolutely yes, that they just hit record revenue
in the first half of the year. They're continuing with
their sales and so he's saying that they're doing just fine.
When you have a CFO who's you know, cooking the books,
it's hard to say what the bank actually has and
what the Weavers have. They're privately held, so we can't
(13:41):
go look in the books ourselves. But interestingly, and from
our perspective, right the Martha's Vineyard connection is really the
only business connection here. But you should know they're still
doing what these private invitation only gospel brunches at the
vineyard in Edgar Town for the vineyard elites. They do
it every August. They're doing again this they'll be doing
(14:03):
again this month. So they they're continuing on and they're
fighting that lawsuit. But fascinating, he said. She said on
the vineyard, ourk banks, our guests go, we got time.
Speaker 3 (14:13):
We've got about a minute left here, Doug. We had
one more headline toast AI ambitions grow as restaurant tech
firm reports record quarter two probability.
Speaker 7 (14:23):
So we all know Toast is the company behind those
restaurant kiosks where you know, you tap to pay, the
person swivels the display around for you to tip them
or not. Well, it's a local company. They recorded quarterly
profit this week of eighty million dollars in net income.
But that's not the most interesting part of the story.
The most interesting part is their way they're using AI.
They're creating an AI product that will actually help managers
(14:46):
determine sort of what sales are going best, how to
make the menu work, and recently they're also using it
for takeout orders. I recently called and was actually talking
to a young woman's voice that I didn't realize for
like a full minute. She was actually AI. So really
interesting ways to use AI. And the only reason I
figured it out was she asked me what kind of
(15:06):
sauce I wanted on my cheese pizza. And I'm pretty
sure when you order cheese, everybody knows tomato sauce is
the right size.
Speaker 3 (15:12):
Yeah, all right, well, I think there's another story there.
I'd like that's not a bad headline either. I don't disagree.
What kind of sauce would you like on your pizza. Okay,
he's tug back. He's the executiveditor of the Boston Business Journal.
Up next, Well, we're gonna talk about is there a
building you'd like to buy in downtown Boston, like, you know,
(15:34):
say a big federal building. Well, apparently they could be
for sale.
Speaker 1 (15:45):
You are listening to the New England Business Report on
the Voice of Boston w r KO six 't eighty.
Joe and Kim will be right back.
Speaker 3 (16:01):
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Speaker 5 (17:00):
Are you a brother or a sister of one of
Greater Boston's local trade unions and finally thinking about getting
ready to hang up your tools after thirty five years
of working your tailoff. Congratulations, you worked hard to build
your retirement nest egg. But now what Let me help
you break through the nonsense and financial speak so we
can get to the questions that are important to you.
As you know, nothing gets built without a set of plans,
(17:21):
and neither will your financial future. My name is Mike Marshall,
President and CEO of Marshall Wealth Management and creator of
the Marshall Plan, a comprehensive customized plan that will help
you answer important questions in all seven key areas. You
don't have to do it alone. There is no cost
or obligation. Call us at eight five seven three four
(17:41):
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ten thirty or check us out online at Marshallwealth dot com.
Marshall with two LS Marshallwealth dot Com.
Speaker 9 (17:52):
Advisory services offer through Capital Analysts or Lincoln Investment Registered
Investment Advisors. Securities offered through Lincoln Investment Broker Dealer Member FINRA, SIPC,
Lincoln Investment dot Com, Marshall Wealthmathnagement, and the above firms
are independent and not affiliated.
Speaker 4 (18:05):
Hi everybody, I'm Kim Kerrigan.
Speaker 3 (18:07):
And I'm Joe Shortsley. If you want to be part
of the New England Business Report, sponsorships are still available.
Speaker 4 (18:14):
You can email us at any Business Radio at gmail
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Speaker 3 (18:19):
That's any business Radio, all one word at gmail dot
com and we'll get your business on the show too.
Speaker 2 (18:34):
Welcome back, everybody. Federal government has put together a panel
to review all of its real estate holdings across the
state and across the country rather and they've been asked
to downsize where possible. Well, as it turns out, city
officials now say that could mean some big changes right
here in Boston. Globe Reporter Real Estate reporter Katherine Carlock
(18:54):
joining us and Katherine, what exactly does this mean? I
know you've been following this story.
Speaker 10 (19:00):
Well, Hi Kim, Hi Joe. What this means is the
there's a bipartisan group is called the Public Buildings Reform Board.
They have been tasked with looking at the federal government's
property portfolio, which is really extensive, you know, it's one
hundred and eighty million square feet across the country and saying,
(19:20):
what are some buildings that would maybe make more sense
to consolidate to sell. You know, a lot of federal
buildings are half empty on a good day. So they
have made recommendations to it's called the Office of Management
and Budget to say these buildings would make sense to
(19:42):
get rid of basically, and so what the latest round
of recommendations for there. They're studying their latest round of recommendations,
and they held a public hearing last week to talk
about we are considering selling the JFK, Tip, O'Neil and
McCormick buildings in downtown Boston, which are pretty big federal
(20:06):
buildings together, they span over two and a half million
square feet on several acres downtown and it's you know, nothing,
nothing defined yet. They have not recommended them for sale yet,
but they are. They the PBRB said that they are
considering recommending for sale, which would be a big shake
(20:27):
up in downtown Boston real estate.
Speaker 3 (20:30):
So who makes this decision this committee alone, or is
it go all the way up to the White House?
I mean, should people take this personally?
Speaker 10 (20:38):
So the PDRB, it's an independent board, a five parties
on board created by Congress actually pre COVID to just
examine all of the real estate holdings of the federal government.
So the GSA, the General Services Administration, manages all of
the federal government's real estate holdings. So what the board
(21:00):
would due is examine possibilities for they call it disposition,
which basically is selling or getting rid of in some
other way. And the board would make a recommendation to
the Office of Management and Budget. OMB would then be
able to say yes or no to that recommendation, and
(21:21):
then if that recommendation was accepted by OMB, then it
would be the GSA that would say, Okay, now we're
going to figure out the process of disposing of this property.
So it doesn't quite go old way up to the
White House, but it's definitely in the upper echelons of
the FEDS.
Speaker 2 (21:41):
So, Catherine, if I'm hearing this story and I'm a
federal employee who works in one of those buildings, I'm saying, Okay,
what happens to me in my office right exactly.
Speaker 10 (21:50):
There were actually several federal employees who came to this
public hearing that the PBRB held. They met and Downtown
Boston i think in July, and had some questions about, hey,
we have sensitive data, we have sensitive information. What's the
security of this going to be?
Speaker 6 (22:10):
Like?
Speaker 10 (22:10):
What does this mean for me? And the board again
assured that you know, this is still very preliminary, but
you know, if there were to be a consolidation of
the O'Neil building, the JFK building, or the McCormick buildings,
that it would be handled in a very secure way.
That GSA has done sales of this nature before, and
(22:31):
there are a lot of federal buildings or federal agencies
excuse me, that are in rented space and not owned space.
So it's definitely, you know, definitely some some questions from
the federal employees, who you know are just civil servants
wanting to get in there and do their jobs. But
I think the idea of being that consolidating maybe some
(22:54):
of that space would create a lot of opportunity for
future development in downtown in or just feature or you know,
get rid of these properties that are really you know,
are really big, really expensive to maintain. There's a lot
of different maintenance in these buildings that that needs to
be appressed.
Speaker 3 (23:12):
That's really extensive to talking with Katherine Carlock and the
Boston Globe Business reporter. Of course Kathman has joined us
over the years, and Kim and I are at Bloomberg.
I noticed that, uh, my old Pala Congressman Mike Capuano
is onm this federal committee and you talk to him,
so tell us what he had to say.
Speaker 10 (23:31):
So, uh, Mike Capilano from you know, from summer of
a long time congressman. H you know, he was he
was saying that, you know, the likelihood of the FED
selling all three of these major major buildings in downtown
Boston isn't super likely. But you know, he also was
was instrumental in the in the Vulpey the you know,
(23:52):
the Vulpey Transportation System Center, that big project in Cambridge
which is where you know there were fourteen acres prime
makers of in Kendall Square where the FEDS did a
deal with MIT, where MIT came in and said, hey,
we're going to pay you seven hundred and fifty million
dollars for development rights of this land basically, and in exchange,
(24:17):
the Feds would get a brand new building, a brand
new Boltpie system, the System Center. I asked Congressman Capuano
about would that be an example of what could happen
for these three buildings in downtown Boston, and he said
that fourteen prime makers in Kendall Square, there was really
a pretty hot bidding war for it, you know, and
(24:37):
MIT has some pretty deep pockets, so they could go
in and say, we're going to give you seven hundred
and fifty million dollars. But primetime real estate in downtown
Boston isn't really selling for all that much money these days,
and if is it even worth it to sell these
buildings that we're not going to get the kind of
money that we could get for them so or that
(24:57):
we maybe could have gotten prior to the down turn
in the real quick market. So there's a lot just
under consideration.
Speaker 2 (25:04):
Well, it's a story that we will continue to follow
because no doubt there will be much more to come.
Katherine Carlock, thank you so much for being a part
of the show coming up next. You know, it as
a place to celebrate special occasions or to enjoy a
great meal, we're talking about the Kowloon Restaurant in Saugust
with a celebration of its own.
Speaker 1 (25:29):
Kim and Joe will explore more business news that impacts
our New England economy when they return.
Speaker 3 (25:36):
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Speaker 5 (26:05):
Are you a brother or a sister of one of
Greater Boston's local trade unions and finally thinking about getting
ready to hang up your tools after thirty five years
of working your tailoff? Congratulations, you worked hard to build
your retirement nest egg. But now what Let me help
you break through the nonsense and financial speak so we
can get to the questions that are important to you.
As you know, nothing gets built without a set of plans,
(26:27):
and neither will you a financial future. My name is
Mike Marshall, President and CEO of Marshall Wealth Management, and
creator of the Marshall Plan, a comprehensive, customized plan that
will help you answer important questions in all seven key areas.
You don't have to do it alone. There is no
cost or obligation. Call us at eight five seven three
four two ten thirty that's eight five seven three four
(26:50):
two ten thirty or check us out online at Marshallwealth
dot Com. Marshall with two ls Marshallwealth dot Com.
Speaker 9 (26:58):
Advisory services offered your capital analysts, investment registered investment advisors.
Securities offered through Lincoln Investment Broker Dealer Member fin SIPC,
Lincoln Investment dot Com, Martial Wealth Management and the above
firms are independent and not affiliated.
Speaker 3 (27:09):
And welcome back to the Wingdium Business Report on this
Sunday morning. Joe Shortz lived here with Kim Carr again.
Coming up later in the program, we're to talk to
the co president of Ravis Real Estate. Don't go anywhere, folks,
but you know there's another business story starting to churn
out there, Kim, and it has to do with these
referendum questions. You know out there, they're starting to take shape,
starting to take form. It's a long process, but this
(27:32):
headline of the Globe, you know, caught my attention. Fight
to restore rent control in Massachusetts could soon land in
the ballot box amid ever rising rents. Tenant groups launch
bid to put rent caps on the statewide ballot in
twenty twenty six. And again, folks, that is twenty twenty six.
In other words, they have to attorney general has to
say they're okay, then they have to collect signatures, and
(27:55):
then they got to give them folks up Beacon Hill,
time to pass a law. It's a long process, right, Kim.
Speaker 2 (28:01):
It is a very long process. But it is really
interesting that this issue is raising its head again because
you know, this is this has been an issue for
a lot of elections, hasn't it. You know, I'm in
favor of rent control, and that brings half of the
voters stand and the other half says, no, I don't
want to see that in the state, you know. So
(28:21):
I think with rents being as high as they are now,
maybe people might be more willing to hear it out.
Speaker 3 (28:26):
Yeah. I think we've learned that there's no appetite on
Beacon Hill necessarily for the rent control issue, which means
that if lawmakers and Beacon Hill going into next year
early twenty twenty. Don't bring it up or take it
up or deal with it. Then this really could end
up on a statewide ballot in twenty twenty six. Now,
(28:49):
I think we've seen polls in the past that, you know,
do suggest that there is support for that. And of
course that's as folks on the housing side of this,
the industry of the state, you know, an in construction industry,
and I'm terrified.
Speaker 2 (29:03):
Absolutely, Yeah, there's a real there's a real defined line
for those who like it and those who don't. So Joe,
when I say the Kowloon, I know you have memories
that just pop into your head, right.
Speaker 3 (29:13):
Yeah, I've been there. I always remarked on the size
of the place, how many people that conceit? I mean
it's it's numbers like twelve hundred, right, and then yes
it is more than that.
Speaker 2 (29:23):
Yeah, well, yes it is. And this legendary restaurant is
celebrating seventy five years of being in business, which is amazing.
In over those seventy five years, there's a couple of
things that haven't changed. The first is that their popularity
certainly has not changed except to have grown. And then
of course the family that owns and runs it, and
that is the Wong family. And joining us now is
(29:46):
Bobby Wong. He's one of six siblings, five of whom
are actively involved in the restaurant. Bobby, congratulations on seventy
five years.
Speaker 11 (29:54):
Thank you very much. Can I appreciate the nice introduction?
Speaker 2 (29:59):
Thank you absolutely.
Speaker 4 (30:01):
Can you believe? I mean, I know you haven't been.
Speaker 2 (30:04):
Running it for seventy five years, but is it hard
for you and all your siblings to believe that this
has been, you know, an endeavor that has grown the
way it has over seventy five years.
Speaker 6 (30:14):
Yeah.
Speaker 11 (30:14):
I mean we started, as you know, naturally has been
in our family forever and so it was a natural
progression from growing up and then entering.
Speaker 12 (30:23):
Into the business.
Speaker 13 (30:25):
And the years have come by so fast.
Speaker 11 (30:26):
I mean, it's seventy five years, and a lot of
the siblings that you really think about it, they've been
in it for at least fifty out of the seventy five,
not more so's we've grown into the business, and it's
to see us reached this milestone of seventy five years.
It just was like in the blink of an eye.
It just happened so fast, and we've been fortunate to
(30:49):
be able to be out here so long and still
doing what we love.
Speaker 3 (30:53):
Yeah, Bobby, you know, I was looking at an article
that was written about you some years ago and it
goes like this, it says, so it's no surprise that
fans took a collective gasp on The Long family announced
in twenty twenty one that the existing kow Loon building
would eventually be torn down to be replaced with two
large apartment buildings, one of which will feature a scaled
(31:14):
down version of the Kowloon. Right now, it's all about
getting proper permits, et cetera, et cetera. Where are you
in that processor?
Speaker 11 (31:22):
We still are in that process. It's taken a little
bit longer than we had hoped, but you know, I
thought i'd be saidmi retired by now, which you know,
we're getting up and long in the tooth, but it's
really it's moving along, and the town definitely has to
do their due diligence. We understand that. So we're really
working close with them and it's going to get to
the finish line.
Speaker 13 (31:42):
It's just just a little longer, and but that's it's fine.
It's fine. We get to do what we we do
for a little longer as well, and as as well
as keeping a lot of people happy that we are open,
so that time will come, and when it does, we
just kindle it like we've you know, in the last
twenty five years, one day at a time.
Speaker 2 (32:03):
You know, Bobby, when you made that announcement, Joe and
I used to be on Bloomberg and you were on
Bloomberg talking about it, and I remember that so many
people said to me after that, why why are they
going to do this? It's so popular, it's such a
wonderful place. Why And it's you know, I mean, every
every night you guys are packed. Why would you want
(32:23):
to close it down or downscate, downsize it?
Speaker 11 (32:28):
Well, naturally, you know, as you get older, you have
to slow down. Mentally you can still do things, but
physically you can't. And then it's basically the next generation.
You know, we've gone from my grandparents to my parents
and to myself and my siblings, and the next generation
they're smarter than us, I guess, so they they decided
not to go as much into the restaurant businesses we have.
(32:50):
And it's difficult to get to that next generation because
you're talking about cousins. You know, when you're dealing with siblings,
you know, we've battled since we were you know, and
so when you're battling, even in the workplace, you know it's.
Speaker 6 (33:04):
Going to end.
Speaker 11 (33:04):
It's fine, you know, I'm saying, you get over it,
and it's it's blood is thicker than water, like they say.
But when you get to the next generation and cousins involved,
they don't have that same I don't think cohesiveness of
growing up together and you know, living together and doing
all these things together as you know, as we did
(33:26):
as children, and so it's harder to you know, to manage,
I think, and to you know, credit to them, they've
all decided to go into a lot of other avenues,
some of doctors, and we have the lawyers and engineers
and teachers things like that. So they've they've really progressed.
(33:46):
And I'm really proud of all of them, and even
proud of even proud of naturally of my own kids.
And I guess the bottom line is to be happy
in life, and you know, whatever you're doing, whether it's
to rush on business or anything, you know, just to
be happy and left. And I think that's what myself
and my siblings have realized when we see our own
(34:08):
kids growing up is you know, they make their own
careers in life and families, and you know, we're fine
with the fact that none of them are going into
the restaurant business. And it's not as no one was
steered into the restroom business, even the siblings, my siblings
and myself. My parents never urged us to go into
(34:28):
the restaurant business. Right, it was natural for us because
we woke up every day and we saw them going
to work.
Speaker 3 (34:34):
Bobby, what in the future someday, what does a scaled
down version of Coloon look like?
Speaker 11 (34:41):
So we we're building two apartment buildings, like you said,
and on each floor first floor of each apartment building
will be a retail section and one of the buildings
we're going to be housing the coloun When I say
it's downsta size, you know, from twelve hundred seats, we're
going down to maybe three hundred seats, which still.
Speaker 13 (35:00):
Is a large, pretty large restaurant for a lot of people.
Speaker 11 (35:03):
So downsizing for us would be going to about that side.
And you know, we'll have our employees be part of.
Speaker 13 (35:11):
The management and ownership team.
Speaker 11 (35:13):
If that's that things go as well as we want,
and so that way we can hand off to the responsibility,
the daily responsibility to people that really want to stay
in the business and thrive and still work with us.
Speaker 2 (35:28):
Bobby, you're one of those restaurants that's had the opportunity
to build overall of these years. I know when your parents,
you know, I'd all started about forty seats and you're
at twelve hundred now. Despite the fact that the restaurant
business is a tough business to be and these have
been really difficult years, give us just a little bit
of reflection on what it's like to work in the
(35:49):
restaurant business.
Speaker 11 (35:51):
It's it's long hours. This is why I think, you know,
a lot of the next generation we didn't really will
this onto the next generation our kids, because we know
growing up it was really totally the opposite of what
people did socially. We worked nights, weekends, every holiday, whether
(36:12):
it was Christmas, Thanksgiving, you know, just as Eve, New Years,
New Years Eve, that type of thing. And so you know,
if it wasn't part of your life, it would be
difficult to tell people that this is what you had
to do growing up. But because it us part of like,
it's you know, we took it in stride and we
knew it was.
Speaker 3 (36:32):
Long, a lot and long hours.
Speaker 11 (36:34):
You know, fortunately they hours have been shortened and thanks
to COVID in some ways, but you know, we it
would easily be fourteen hour days with you know, going
at ten or eleven and you don't get home. I
remember going home sometimes after especially on the weekend, after
a long night, and by the time we started driving home,
(36:54):
we can see the sun starting to rise and it's
like four or five in the morning, and then you
hear the bird sun thing and it's like, geez, we're
going to sleep, and.
Speaker 13 (37:02):
Then everybody's starting to wake up.
Speaker 11 (37:04):
So it's really totally opposite of how most people live.
Speaker 4 (37:08):
So and we, you know, we.
Speaker 11 (37:10):
Understood that and it was it was difficult, but you know,
we loved the business. We loved our parents, and that's
why we were in it.
Speaker 2 (37:17):
Well, Bobby Listen con continued success. We want to tell
everybody again that they're celebrating seventy five years. A big
event coming up there at the Kowloon on the twentieth
of August, and you can still get tickets. You just
go to the Kowlaloon's website. Continued success to all of them.
Speaker 3 (37:34):
Well, here's the question. Are you're part of the silver tsunami.
You're thinking about retiring, You're coming up on that magic
number of sixty five or seventy, whatever it may be. Well,
Mike Marshall's the guy you need to talk to martiall
wealth Management that can guide you through that retirement decision.
Mike joins us. Now, Hey, Mike, I guess what happens
in Washington, d C. Does matter, right, and it does
(37:56):
impact your plans to retire. Tell us exactly how this
big beautiful bill might impact people's thought process about retiring.
Speaker 6 (38:05):
Well, Jill, thanks for having me. The big Beautiful Bill,
or the one big beautiful Bill, as President Trump has
called it. Other folks have actually referred to it as
the reverse robin Hood Bill. We all know the fable
of Robinhood, where he steals from the poor and steals
from the rich and gives to the poor. Well, a
lot of people are saying that this bill does the opposite.
(38:27):
It actually takes from the poor and gives to the wealthy.
There are literally hundreds of different provisions in the bill.
What I'm going to do today is cover maybe the
top ten impactful provisions, and those are the ones that
are going to impact Americans more than any of the
other ones. The very first provision is the bill extends
(38:48):
the twenty seventeen tax cuts that President Trump signed in
the law in twenty seventeen. They were set to expire
at the end of this year, but those will be
now permanent and through to twenty twenty eight, so those
have been extended. I don't know if you're familiar with
the salt tax, but the salt tax is a tax
(39:10):
that allows taxpayers to deduct date and local taxes paid
on their federal return. They just increased the salt deduction
to forty thousand or taxpayers making less than a half
a million, and then the cap reverts to ten thousand
after five years. They're estimating this will cost about one
(39:31):
hundred and forty two billion dollars to the US government.
The third one would be the tax deduction for qualified
over time and tips. It's really a new tax deduction
of up to twelve five or twenty five thousand if
you're married filing jointly of qualified overtime pay, and it's retroactive.
(39:54):
Joe back to January first, twenty twenty five. Qualified over
time compensation that an employer is required to pay an
employee under the fair labor standards because the employees work
more than forty hours. So currently all of those taxes
and the tips and all of the overtime at tax.
But this is going to give some relief to the
(40:15):
regular person who's busting their tail trying to make ends meet,
working some overtime and their tips now will be tax
free up until twenty five thousand. There's also a tax
deduction for interest for cars assembled in the United States.
As we know, President Trump is really pushing to get
manufacturing back into this country. Currently we manufacture very little
(40:39):
whereas we used to manufacture a tremendous amount of products,
So that is going to be an incentive for car buyers.
Car buyers can deduct ten thousand per year in auto
interest loans of cars assembled in the US and purchase
between twenty five and twenty twenty eight and again and
(41:00):
stases out for individuals making over one hundred thousand or
for couples making over two hundred thousand. So that's a
pretty generous income level in order for folks to still
be able to deduct the interest on those particular vehicles.
Speaker 10 (41:15):
There is a.
Speaker 6 (41:17):
Tax credit for seniors. It permanently eliminates the personal exemption
for seniors, but it offers a temporary tax production that's
set to expire in twenty twenty eight of six thousand
dollars for seniors. And that again, most of these provisions
phase out at a certain income level, and that phases
(41:39):
out with modified adjusted gross income exceeding seventy five thousand
per individual or again one hundred and fifty thousand dollars
per married couple. There is a child tax credit in
the bill as well that increases from two thousand to
twenty two hundred per child, which isn't really significant. The
(42:00):
refundable portion of the credit is also indexed to inflation,
but it's not increased, meaning the tax credit beneficiaries would
not see a net increase in their credit when it's
adjusted for inflation. We also saw President Trump create Trump
accounts in a contribution pilot program. So what is a
Trump account? It's basically a tax advantage savings account for
(42:24):
children under which parents can deposit one thousand dollars and
the government will deposit the same between twenty eight and
twenty five and twenty eight and then parents can also
add a five thousand dollars per year bonus deposit and
the money will grow tax deferred, so higher education, job training,
(42:48):
maybe a fund for the child down the road. This
is going to encourage people to put away some money
for their children, which typically you know, I mean, if
you have something rust over, you might put it in
a five to twenty nine and are college savings plan,
but most people are busy meeting ends meet. It also
phases out the green tax credits. The Biden Area Inflation
(43:09):
Reduction Act created these green tax credits, and President Trump
is trying to phase these things out. The electric vehicle
phase out for the tax credits would be phased out
by September of twenty twenty five, so next month, and
then the ev charging tax credits would be phased out
in June of next year. Sorry, fees on methane emissions
(43:31):
would be postponed for ten years, while tax credits for
biofuels would be extended in additional four years. We also
saw that this bill created a situation where the depth
ceiling is being raised by about five twelve trillion dollars.
I mean, that's a significant increase. Forty nine percent of
(43:52):
Americans were against this bill. And that's why I say
it's really a It's really a bill that kind of
reaches down into the depths of the common man where
we live and kind of you know, makes these tax
and revision changes the for the wealthy. Right, they're our
Medicaid drug negotiation. It reverses a lot of that too.
(44:15):
The government's going to lose about five billion dollars in
Medicaid drug negotiations.
Speaker 3 (44:19):
Well, as you can see, he's the guy. He's the
guy who has all the answers, right, I mean, he's
the guy. He knows this stuff inside and out. He's
Hey's Mike Marshall of Martial Wealth Management. And if you're
thinking about retiring and are hitting that button, you can
reach out to them at Martial Wealth Management. Coming up,
we're going to be talking with the co president of
Raves Real Estate about our real estate market.
Speaker 1 (44:41):
You are listening to the New England Business Report on
the Voice of Boston w RKO six 't eighty Joe
and Kim will be right back.
Speaker 5 (44:52):
Are you a brother or a sister of one of
Great Boston's local trade unions and finally thinking about getting
ready to hang up your tools? After thirty five years
of working your tailoff. Congratulations, you worked hard to build
your retirement nest egg. But now what? Let me help
you break through the nonsense and financial speak so we
can get to the questions that are important to you.
As you know, nothing gets built without a set of plans,
(45:13):
and neither will your financial future. My name is Mike Marshall,
President and CEO of Marshal Wealth Management and creator of
the Marshall Plan, a comprehensive, customized plan that will help
you answer important questions in all seven key areas. You
don't have to do it alone. There is no cost
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Speaker 9 (45:44):
Advisory services offered through Capital Analysts or Lincoln Investment Registered
Investment Advisors. Securities offered through Lincoln Investment Broker Dealer Member FINRA, SIPC,
Lincoln Investment dot Com, Marshall Wealth Management and the above
firms are independent and not affiliated.
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Speaker 4 (47:00):
YI, everybody, I'm Kim Kerrigan and I'm Joe Shortsley.
Speaker 3 (47:03):
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Speaker 1 (47:27):
The New England Business Report on WRKO is brought to
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Speaker 2 (47:45):
Welcome back everybody to the New England Business Report. Great
to have you with us this morning. You know, Joe
and I've learned a lot about business over the years,
that's for sure. But one of the things I think,
Joe that stands out to me and I think you
would agree, and that's the importance of the real estate
business and how it's really a barometer when it comes
to just the business climate as a whole.
Speaker 3 (48:04):
Oh yeah, in a larger economy, of course. Absolutely So
do we get to talk to a co president you
know what I mean.
Speaker 2 (48:09):
Well, not very often. We're excited to have him in
house today. We are joined by Ryan Raves. He is
the co president of William Raves Realty, Mortgage and Insurance Company.
And really great to have you with us. Ryan, thank
you for being here.
Speaker 12 (48:25):
Thank you so much for having me. I appreciate it.
Speaker 2 (48:27):
Absolutely. We want to get right to it. You know,
it seemed like a year ago, Ryan, I never saw
a house for sale in my neighborhood, never and then
suddenly this summer houses started popping up for sale everywhere,
and now they all seem to be selling. So is
this a good barometer about what's been happening when it
comes to the real estate market.
Speaker 12 (48:49):
Well, I think the real estate market. I've been working
with my family business for twenty years or so, and
one thing that my dad has always said in the
of course the years that we've been in business, it
says that the cycle that it's seven years, seven years down,
three years up. And if you look at what happened
over the course of the COVID years, we went up
(49:10):
pretty quickly. The supply of housing was really short, and
it drove prices up, and a lot of people locked
into interest rates that were well below historical norms. And
I think what you see now is people getting back
to the rhythm of a normal life where people have
to move for promotions, maybe there's somebody leaving the house,
(49:32):
maybe there's a new baby in the house, and they
have to move on with life as opposed to being
locked in with these interest rates. So there's a lot
of different factors driving what's happening with housing supply, but
that's one of them, and it's certainly all local. We
have areas where we operate, some in Florida and Florida,
Connecticut and Massachusetts, and the markets look vastly different from
(49:56):
how much supply is available on the market at.
Speaker 3 (49:59):
Any given talking with Ryan Raves, of course, the co
president of Raves real Estate, but I think a lot
of people will wonder give us a snapshot of the company.
Where are you guys? How big are you? How old
is Raves?
Speaker 12 (50:10):
Yeah? Happy to William Raves real Estate, Mortgage and Insurance
was started fifty years ago by my father Bill. We
grew the company. My brother and I joined roughly twenty
years or so ago, and today we have just under
one hundred and fifty offices in Florida, in South Carolina,
in all states north of Manhattan. We've worked on growing
(50:32):
the family business with recent acquisitions in Nantucket and the Hamptons,
and the goal of what we do is we're trying
to tie the whole real estate process together. So that
means in order to buy a home, you need some
sort of funding, and many people take out mortgages. So
William Raves Mortgage preapproves the buyers. William Raves real Estate
(50:52):
helps them find the home, William Raves Insurance helps them
make sure that they're covered properly. And then we've gotten
into other businesses that help our customers hook up their utilities,
their cable, their satellite, their home security, and actual help
them manage the moves themselves. So when we stay real estate,
our definition of a real estate company is very different
(51:14):
than any of you know, many of the other brokerages
that you might be familiar with.
Speaker 10 (51:19):
Yeah.
Speaker 2 (51:19):
In fact, Ryan, you guys, which adess is what you're explaining.
This is your new concierge service that you launched last month.
And I know you guys are really proud of that
sort of one stop shopping.
Speaker 12 (51:29):
Right Yeah, well it's one stop shopping, but it's taken
to another level. We have William Ravis. We pride ourselves
on being a full service brand that provides a luxury
experience to all customers, regardless of price pointing. So we
want our customers to leave doing business with us absolutely delighted.
(51:49):
So instead of just providing the services and having the
customers choose all the car we're actually signing a person
a concierge as much as you'd see in a luxury
resort that'd be available for our customers to help them
navigate their home buying and home selling experience.
Speaker 3 (52:07):
Ran, I'm curious as to where you spend the bulk
of your time. Are your fingers in one hundred different
pies or are you more involved on the mortgage side
or the sales side. Where does Ryan spend his time?
Speaker 12 (52:19):
Yeah, I grew up on the mortgage side of the business,
and then about ten years ago, my father Bill pulled
Chris and me aside and said, you guys, I want
you to run more of the day to day Chris,
you'll have all of sale, so Chris and my brother
Chris is responsible for all of our agents in the field.
Than Ryan. You'll run operations and headquarters. So I run
(52:41):
all headquarters inclusive of marketing, finance, all of our Internet capabilities,
and our ancillary businesses are more EA our insurance companies.
Speaker 3 (52:51):
So you don't have much to.
Speaker 12 (52:52):
Do much going on, you know with the family business though.
It's so it's matured over time and it's been nice
to see it. We've we've brought on a lot of
great professional managers from large corporations that have helped us
bring discipline to our business. But it's a nice mix
(53:13):
because you still have Bill, Chris and Ryan. Along with
that discipline. We've got discipline from ge from PEPSI, from
Free to Lay, large companies like that, and we're able
to integrate that into what we've done so well with
our culture.
Speaker 3 (53:28):
Well, let me just drill down a little deeper on that.
What's the number one priority in your desk right now?
Speaker 12 (53:33):
Growth? Growth and servicing our customers and growth?
Speaker 4 (53:37):
What does that mean?
Speaker 2 (53:38):
More more markets or just bigger volume in the market
you are, curly.
Speaker 12 (53:43):
It's funny.
Speaker 8 (53:44):
We didn't.
Speaker 12 (53:45):
I'm not sure we really intended to grow into the
areas what we did. It's opportunities just kind of popped up.
And then we thought struck us that you know, our
customers that live in Boston, they're sure a whole lot
of them moving down to Maple, Florida. Our customers in
Greenwich and Fairfield County, shure a whole lot of them
moving to Palm Beach. And we started getting into Florida
(54:09):
and we realized that those are really good markets for us.
A recent acquisition in the Hamptons, another one in Nantucky.
They're great markets for us, and it really our brand
for one reason, another just resonates there.
Speaker 3 (54:25):
How different is it geographically? The real estate business at
this point is New England the head of Florida, I mean,
is the Midwest doing bank. How does it break down geographically.
Speaker 12 (54:36):
Yeah, the Northeast has been pretty resilient recently, and Boston
area in particular, it was always so amazing to us
to see the numbers continuing to go up and up
and up and up in Boston ten percent growth, fifteen
percent growth, and I attributed to I'm forty seven, so
(55:01):
when I was getting out of college and living in Boston,
the big dig was just kind of getting started and
wrapping up. And just the way the city changed and
the way that the suburbs grew in the last twenty
years is just amazing, very different so than some other
areas that have stagnated a bit. And then you get
(55:21):
down into Florida and it's it's got a mind of
its own. It's a completely different buyer than what you see,
say on the South Shore, and you know that it
really is localized. Real estate really is localized in terms
of how the markets operate.
Speaker 2 (55:39):
Ran going back to the real estate market currently, let
me ask you about which portion of the market seems
to be, you know, really flourishing. Are we talking about
high end or were first time buyers? Where are we
really seeing a big influx?
Speaker 12 (55:52):
Well, I think first time buyers. And I know I'm
not the first one to break this news. It's a
bit difficult for first time buyers to get in the
market based on where housing prices are right now. So
there's a there's a big focus on building more housing,
more affordable housing. Certainly a drop in interest rates would
(56:13):
help more people get into the market, but that middle
market is still working. The luxury market, the higher higher end,
the you know, ten twenty thirty million dollar houses there.
It's up and down a little bit depending on the
area where you are, but this is the same market
that we've been in for the last two years exiting COVID.
(56:36):
It's it's kind of bumping along. I think what you're
seeing right now is inventory starting to loosen a bit,
which is a good sign. If interest rates can come
down a little bit, then they're potentially going to be
a very great real estate market.
Speaker 4 (56:49):
Absolutely.
Speaker 2 (56:50):
He is Ryan Raves. He's the co president of William
Raves' Realty, Mortgage and Insurance. So good to have you
with us today, Ryan, All right, that's.
Speaker 3 (57:00):
All the time we have today. Of course, we've enjoyed
today's program. Looking ahead to next week, Uh, Kim and
I will of course be here, but we're gonna relive
some of the you know, the better interviews this summer.
We're gonna here again from mister ernie Bach, and he
always has interesting things to say about well, the economy
and of course the cards. That's the new England Business
Support that's next Sunday morning right here in w r
(57:22):
k O. The Boasts of Boston am succeed
This is the New England Business Report with Joe short
Sleeve and Kim Carrigan, a weekly roundup and discussion of
the top business news impacting our New England economy.
Speaker 2 (00:09):
Good morning, everybody, and welcome to the New England Business Report.
I'm Kim Carrigan along with Joe short Sleeve. It is Sunday,
August the tenth.
Speaker 3 (00:17):
Good morning, Joe, Ah, good morning. You know, August always
has just a little bit of a different feel to it.
I'm not saying the heat is necessarily gone, but all
of a sudden you notice people are.
Speaker 2 (00:28):
That's so true.
Speaker 3 (00:29):
You know, it's like, oh kids, you're going back to school.
They're talking about back to school shopping. August just has
a different feel.
Speaker 2 (00:35):
It does it doesn't. Everybody's sort of cramming in that
last bit of summer fun before they have to call
it quits. A lot of people out dining in restaurants, Joe.
We're right in the middle of dine Out Boston weeks.
The two weeks. You know, you go out and there's
some set menus and all the different restaurants around the city.
Gives everybody a chance to try out some restaurants that's free.
(00:57):
I have not yet, but I am headed someplace this
next week, so I'm looking forward to that. And of
course this is tax free weekend. Joe, you're buying anything.
Speaker 3 (01:08):
I feel like I'm always buying something. Okay, whatever, No,
but then it always seems to work. It does generate
the sales and people. You know, it's a success every year,
so you.
Speaker 2 (01:21):
Know, absolutely, and it keeps coming back every year, which
is really cool. Hey, we got a great show for
you today. Let's take a look at some of what's
coming up. We're gonna get started with Doug Banks this morning.
He's the executive editor of the BBJ. Doug is going
to talk to us about a story that grabbed the
attention of both Joe and me because both of us
(01:41):
are former WBZ TV employees. We also both knew this woman,
or I should say no. The woman who's involved their
former morning anchor, Kate Merrill. She quit about a year
ago after some allegations flew through the newsroom, and this
last week she filed a lawsuit against CBS and w
(02:06):
b Z and some of the individuals involved.
Speaker 3 (02:09):
Four million dollars yeah against BC in the network, alleging
what reverse discrimination in this case, so and it's a
federal lawsuit. So you know, I've known Kate. I knew
Kate for years and years and you know, very professional
and you know, went about her job every day. So
(02:30):
I don't know the specifics of what actually happened here
and what I've read and you know, in the Globe,
in the Boston Business Journal. So it's a it's a
very tough case to win, regardless of who is on
either side in these cases. I mean, when you go
to you know, federal court and cases like this, right,
(02:50):
good luck.
Speaker 2 (02:51):
Yeah, absolutely, Well, Doug's going to join us because he's
done a little digging and he's going to share a
bit of that story. And then buildings like the JFK Building,
the O'Neill Building, the McCormick Federal Building, they all spanned
like two point six million square feet when you combine
all of those buildings in downtown Boston, and now a
(03:12):
federal board is considering putting him all up for.
Speaker 4 (03:14):
Sale, all up for sale.
Speaker 2 (03:16):
Boston Globe real estate reporter Catherine Carlock, she's going to
join us.
Speaker 5 (03:20):
She's got full de tails.
Speaker 1 (03:22):
You know.
Speaker 3 (03:22):
The other thing I wanted to mention, Kim Well had
a moment with you at the top of our program.
Here is the passing of Byron Barnett, who worked at
the Channel seven for I think some forty years, and
you knew him better than I. However, as a street
reporter of WBZTV for twenty five years and general fifty
six before that for another five years, I ran into
(03:44):
Byron pretty much every day. And the one thing I
would say about Byron, and when you showed up or
you saw Byron, he always had a smile on his face.
He was always pleasant, yeah, I mean, and it stood
out because it was a rare quality that every day
you see this guy and he always had something nice
to say.
Speaker 2 (04:03):
Byron and I worked together at Channel seven for almost
nine years. He was one of the very first people
who greeted me when I moved to Boston. He retired
from Channel seven in twenty twenty one and unfortunately lost
a battle with cancer this past week back in his
beloved home state. Which is another thing that he and
I had in common, the fact that we were both Midwesterners.
(04:25):
He grew up in Minneapolis, and so Byron will be
greatly missed, and he was a wonderful reporter. But as
I've said many times over the last week he was
a much better human.
Speaker 6 (04:36):
Yeah.
Speaker 3 (04:37):
In the second half of our program today, we're going
to three big names. We're going to be talking with
Ryan Raves as the co president of Ravis Real Estate
about everything real estate. Delighted to have him along. We're
also going to have Mike Marshall here Marshall Wealth Management,
talk about what's going on in Washington, DC and how
that impacts your plans to retire. And then can we
(04:57):
have Bobby Wong at the Kloo Restaurant. I guess they
have a big anniversary seventy five years.
Speaker 4 (05:03):
Right, Yeah, seventy five years.
Speaker 2 (05:05):
You know a lot of people have marked a lot
of milestones at the Coloon in their lives, and now
the Wongs are marking a huge milestone in theirs.
Speaker 3 (05:16):
All right, Kim. We want to bring in now the
executive editor of the Boston Business Journal, of course, a
regular visitor here to our program, Doug Banks. And this
story really, you know, well shot to the front page
of the Globe. It was the lead story on the
Boston Business Journal and a story written by Doug executive
editor his headline. Former WBZ anchor Kate Merrill, Sue's station
(05:42):
for discrimination, claims demotion due to race. Now, of course, Doug,
as you probably know, Kim and I both worked with
Kate Miller. Kate Merrill, we both worked at WBZ, So
tell us what's going on here.
Speaker 7 (05:54):
Yes, Well, as you guys know personally, professionally, and many
of your listeners know, the longtime WBZ morning news anchor
Kate Merrill had left the air suddenly back last May
May four, and nobody really knew why until now. She's
filed the lawsuit against the station, against the network paramount,
and two former colleagues who are still working at the station,
(06:17):
alleging discrimination. What she's saying is that she was wrongfully
demoted after an exchange that she had with one of
her on air colleagues who's black, who she says in
her lawsuit, took offense to advice that she had given
him via a private text. She texted him to say
that he had mispronounced conquered the town of conquered how
he had said he called it Concord, and she said,
(06:39):
that's not how you pronounced it. And he's not from
Boston originally, and so apparently he took offense to it.
During a break, he went up to her, confronted her
during the break in front of the crew, in front
of the rest of the on air staff, and what
she says is instead of the executives and the network
reprimanding him for what she called unprofessional behavior, she was
(07:01):
accused of racial bias and micro aggressions. And so over
the next month she was kind of put on probation.
She got a warning letter, and then eventually her boss
called a staff meeting where she was announced she was
going to be given a demotion. She was going to
go from weekday mornings to the weekends, and you know,
(07:21):
rather than do that, she resigned again a year ago May,
and now she's seeking a jury trial to determine the damages.
So she's claiming loss of income, loss of professional reputation,
community standing, and she's been out of work for a
year because she signed an noncompete.
Speaker 2 (07:38):
Right so she couldn't work because she stepped away. She
was not let go. These kinds of cases are not
easy to win, whether you work in broadcast or you
know you we're regardless of where you work, these are
tough cases and it's pretty rare. I think that an
attorney will take these on unless they think you do
(07:58):
have a case, right.
Speaker 7 (08:00):
Yeah, I mean, I'm no legal analyst. I'm certainly not
a lawyer, but these workplace discrimination cases absolutely are. I mean,
she's a white woman claiming discrimination. There were again two employees,
the one who had confronted her and a colleague who
was also black, who took the side of that colleague
(08:21):
against her. But she in her lawsuit, I mean, there
are pages and pages of testimonies from other black colleagues
that she's worked with very successfully over twenty years, who
vouched for her. She makes a very strong case in
the lawsuit that she has opened doors for people regardless
of race or gender over the years, and so she
(08:41):
was really taken aback by this treatment. And she claims
that the station over time had been replacing white on
air personalities with people of color to be more racially diverse,
which again is fine to do unless what she's claiming
is some of the people they were bringing in were
less qualified, less good at their jobs. Uh, and the
(09:02):
people who were being let go were perfectly good at
their jobs and doing just fine and given no real
reasons for leaving. So she's alleging this sort of you know,
DEI uh stands from the station over the course of
the last few years, and that she was the victim
of what was going on there in that culture.
Speaker 3 (09:20):
And again, Doug, you mentioned that this is they want
a federal jury trial. What are the mechanics of this
moving forward?
Speaker 7 (09:26):
Again, I'm no lawyer, I'm no you know, jury expert,
but what you know, sometimes you can ask for a
specific sum of money. She's going her lawyers are saying, no,
we want a jury trial. Generally, if you're asking for
a jury trial and a jury here's the case, you
can get really really large settlements. Because juries if they
(09:46):
get if they you know, if they decide to take
Kmarol aside, you know, Paramount and WZ, you know, big companies,
they can take them for millions and millions of dollars.
So a jury will often give you, can give you
an option for five a far more in damages than
what a judge might do in hearing both sides. And
so I think that they're going for the big money
(10:07):
on this one.
Speaker 2 (10:08):
Yeah, And what we have not said is that I
know that you there at the Boston Business Journal reached
out to Paramount CBS the other side of this story,
and they did not want to comment.
Speaker 3 (10:18):
Correct, that's right.
Speaker 7 (10:19):
Yeah, they didn't want to comment. I reached out to Kate.
She's not talking though. Pretty much everything in the lawsuit
is excited about it unless you want. But no, they're
not commenting yet. I still reach out to them. Hopefully
we'll get us get something from them soon.
Speaker 3 (10:31):
Yeah me bet all right. Well, of course, Doug's here
every week to give us the headlines of the BBJ
over the week. Doug, this is another story that you
were personally involved in. Has to do with Martha's Vineyard
couple responding to a whiskey brand lawsuit. Please, what's going
on here?
Speaker 7 (10:47):
I know I'm on the lawsuit beat this last week,
and I've been writing the stories for if everyone's on
summer vacation, I guess, but no, So this lawsuit I
came across. It was filed against a couple who own
a property on Martha's Vineyard. They also are the owners
of a well known whiskey distillery in Tennessee, and they're
being sued by their lender who's trying to put their
business into receivership, which means they would have a third
(11:08):
party run the company. The couple's name is Fawn and
Keith Weaver. Their distillery makes the only black woman owned whiskey.
It's called Uncle Nearest, and the company's lender is Farm
Credit Mid America of Louisville, Kentucky. Fawn Weaver you may
know her. She's the best selling author of the story
of this Uncle Nearest whiskey founding. The book is called
(11:30):
Love and Whiskey. I actually read it last year. It's
a really interesting story. It's a story of a formerly
enslaved man who went on to become Jack Daniels master distiller.
Obviously we've all heard of Jack Daniels. Well, this was
the guy who happened to be a former slave who
was his master distiller back in the mid nineteenth century.
And so anyway, so the bank has asked for this
(11:52):
third party to take over the weavers Shelbyville, Tennessee distillery
as well as their Martha's Vineyard property in Edgar Town,
because they're saying that the Weavers overstated the whiskey barrels
in their inventory, which those barrels are also the collateral
on loans that total over one hundred million dollars in debt.
And the Weavers the very next day responded and said no, no,
(12:16):
it's not us. That was our CFO. He's been fired.
They fired him last year. He was a real problem.
He was overstating these things, trying to get us more money.
And they claimed the bank knew all about the house
in marth On Martha's Vineyard that they bought. They bought
it so that Uncle Nerst could use the property for
marketing and you've garden parties and things to sort of
(12:37):
extend the brand, and so, you know, so they're saying, hey, look,
you know, yes, did were their mistakes being made? Yes,
they were made. We've corrected that by firing the CFO.
We're actually still investigating him. According to that's what they said,
and that they said the bank knew all about it,
and they didn't understand. You know, when I talked to
Keith Weaver, the husband, on the phone both Friday and
(12:58):
then again on Monday of last week, you know, he
was saying that the bank knew all about this. We
had been telling them all along what was going on.
So we don't really know why they're taking that legal action.
And so that's that's where they ended up.
Speaker 2 (13:10):
So, Doug, the first thing that pops in my mind
hearing this story is are they meeting their projections? I mean,
is the company doing well?
Speaker 7 (13:19):
That's a great question. The bank says no. Keith Weaver
told me absolutely yes, that they just hit record revenue
in the first half of the year. They're continuing with
their sales and so he's saying that they're doing just fine.
When you have a CFO who's you know, cooking the books,
it's hard to say what the bank actually has and
what the Weavers have. They're privately held, so we can't
(13:41):
go look in the books ourselves. But interestingly, and from
our perspective, right the Martha's Vineyard connection is really the
only business connection here. But you should know they're still
doing what these private invitation only gospel brunches at the
vineyard in Edgar Town for the vineyard elites. They do
it every August. They're doing again this they'll be doing
(14:03):
again this month. So they they're continuing on and they're
fighting that lawsuit. But fascinating, he said. She said on
the vineyard, ourk banks, our guests go, we got time.
Speaker 3 (14:13):
We've got about a minute left here, Doug. We had
one more headline toast AI ambitions grow as restaurant tech
firm reports record quarter two probability.
Speaker 7 (14:23):
So we all know Toast is the company behind those
restaurant kiosks where you know, you tap to pay, the
person swivels the display around for you to tip them
or not. Well, it's a local company. They recorded quarterly
profit this week of eighty million dollars in net income.
But that's not the most interesting part of the story.
The most interesting part is their way they're using AI.
They're creating an AI product that will actually help managers
(14:46):
determine sort of what sales are going best, how to
make the menu work, and recently they're also using it
for takeout orders. I recently called and was actually talking
to a young woman's voice that I didn't realize for
like a full minute. She was actually AI. So really
interesting ways to use AI. And the only reason I
figured it out was she asked me what kind of
(15:06):
sauce I wanted on my cheese pizza. And I'm pretty
sure when you order cheese, everybody knows tomato sauce is
the right size.
Speaker 3 (15:12):
Yeah, all right, well, I think there's another story there.
I'd like that's not a bad headline either. I don't disagree.
What kind of sauce would you like on your pizza. Okay,
he's tug back. He's the executiveditor of the Boston Business Journal.
Up next, Well, we're gonna talk about is there a
building you'd like to buy in downtown Boston, like, you know,
(15:34):
say a big federal building. Well, apparently they could be
for sale.
Speaker 1 (15:45):
You are listening to the New England Business Report on
the Voice of Boston w r KO six 't eighty.
Joe and Kim will be right back.
Speaker 3 (16:01):
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Speaker 5 (17:00):
Are you a brother or a sister of one of
Greater Boston's local trade unions and finally thinking about getting
ready to hang up your tools after thirty five years
of working your tailoff. Congratulations, you worked hard to build
your retirement nest egg. But now what Let me help
you break through the nonsense and financial speak so we
can get to the questions that are important to you.
As you know, nothing gets built without a set of plans,
(17:21):
and neither will your financial future. My name is Mike Marshall,
President and CEO of Marshall Wealth Management and creator of
the Marshall Plan, a comprehensive customized plan that will help
you answer important questions in all seven key areas. You
don't have to do it alone. There is no cost
or obligation. Call us at eight five seven three four
(17:41):
two ten thirty that's eight five seven three four two
ten thirty or check us out online at Marshallwealth dot com.
Marshall with two LS Marshallwealth dot Com.
Speaker 9 (17:52):
Advisory services offer through Capital Analysts or Lincoln Investment Registered
Investment Advisors. Securities offered through Lincoln Investment Broker Dealer Member FINRA, SIPC,
Lincoln Investment dot Com, Marshall Wealthmathnagement, and the above firms
are independent and not affiliated.
Speaker 4 (18:05):
Hi everybody, I'm Kim Kerrigan.
Speaker 3 (18:07):
And I'm Joe Shortsley. If you want to be part
of the New England Business Report, sponsorships are still available.
Speaker 4 (18:14):
You can email us at any Business Radio at gmail
dot com.
Speaker 3 (18:19):
That's any business Radio, all one word at gmail dot
com and we'll get your business on the show too.
Speaker 2 (18:34):
Welcome back, everybody. Federal government has put together a panel
to review all of its real estate holdings across the
state and across the country rather and they've been asked
to downsize where possible. Well, as it turns out, city
officials now say that could mean some big changes right
here in Boston. Globe Reporter Real Estate reporter Katherine Carlock
(18:54):
joining us and Katherine, what exactly does this mean? I
know you've been following this story.
Speaker 10 (19:00):
Well, Hi Kim, Hi Joe. What this means is the
there's a bipartisan group is called the Public Buildings Reform Board.
They have been tasked with looking at the federal government's
property portfolio, which is really extensive, you know, it's one
hundred and eighty million square feet across the country and saying,
(19:20):
what are some buildings that would maybe make more sense
to consolidate to sell. You know, a lot of federal
buildings are half empty on a good day. So they
have made recommendations to it's called the Office of Management
and Budget to say these buildings would make sense to
(19:42):
get rid of basically, and so what the latest round
of recommendations for there. They're studying their latest round of recommendations,
and they held a public hearing last week to talk
about we are considering selling the JFK, Tip, O'Neil and
McCormick buildings in downtown Boston, which are pretty big federal
(20:06):
buildings together, they span over two and a half million
square feet on several acres downtown and it's you know, nothing,
nothing defined yet. They have not recommended them for sale yet,
but they are. They the PBRB said that they are
considering recommending for sale, which would be a big shake
(20:27):
up in downtown Boston real estate.
Speaker 3 (20:30):
So who makes this decision this committee alone, or is
it go all the way up to the White House?
I mean, should people take this personally?
Speaker 10 (20:38):
So the PDRB, it's an independent board, a five parties
on board created by Congress actually pre COVID to just
examine all of the real estate holdings of the federal government.
So the GSA, the General Services Administration, manages all of
the federal government's real estate holdings. So what the board
(21:00):
would due is examine possibilities for they call it disposition,
which basically is selling or getting rid of in some
other way. And the board would make a recommendation to
the Office of Management and Budget. OMB would then be
able to say yes or no to that recommendation, and
(21:21):
then if that recommendation was accepted by OMB, then it
would be the GSA that would say, Okay, now we're
going to figure out the process of disposing of this property.
So it doesn't quite go old way up to the
White House, but it's definitely in the upper echelons of
the FEDS.
Speaker 2 (21:41):
So, Catherine, if I'm hearing this story and I'm a
federal employee who works in one of those buildings, I'm saying, Okay,
what happens to me in my office right exactly.
Speaker 10 (21:50):
There were actually several federal employees who came to this
public hearing that the PBRB held. They met and Downtown
Boston i think in July, and had some questions about, hey,
we have sensitive data, we have sensitive information. What's the
security of this going to be?
Speaker 6 (22:10):
Like?
Speaker 10 (22:10):
What does this mean for me? And the board again
assured that you know, this is still very preliminary, but
you know, if there were to be a consolidation of
the O'Neil building, the JFK building, or the McCormick buildings,
that it would be handled in a very secure way.
That GSA has done sales of this nature before, and
(22:31):
there are a lot of federal buildings or federal agencies
excuse me, that are in rented space and not owned space.
So it's definitely, you know, definitely some some questions from
the federal employees, who you know are just civil servants
wanting to get in there and do their jobs. But
I think the idea of being that consolidating maybe some
(22:54):
of that space would create a lot of opportunity for
future development in downtown in or just feature or you know,
get rid of these properties that are really you know,
are really big, really expensive to maintain. There's a lot
of different maintenance in these buildings that that needs to
be appressed.
Speaker 3 (23:12):
That's really extensive to talking with Katherine Carlock and the
Boston Globe Business reporter. Of course Kathman has joined us
over the years, and Kim and I are at Bloomberg.
I noticed that, uh, my old Pala Congressman Mike Capuano
is onm this federal committee and you talk to him,
so tell us what he had to say.
Speaker 10 (23:31):
So, uh, Mike Capilano from you know, from summer of
a long time congressman. H you know, he was he
was saying that, you know, the likelihood of the FED
selling all three of these major major buildings in downtown
Boston isn't super likely. But you know, he also was
was instrumental in the in the Vulpey the you know,
(23:52):
the Vulpey Transportation System Center, that big project in Cambridge
which is where you know there were fourteen acres prime
makers of in Kendall Square where the FEDS did a
deal with MIT, where MIT came in and said, hey,
we're going to pay you seven hundred and fifty million
dollars for development rights of this land basically, and in exchange,
(24:17):
the Feds would get a brand new building, a brand
new Boltpie system, the System Center. I asked Congressman Capuano
about would that be an example of what could happen
for these three buildings in downtown Boston, and he said
that fourteen prime makers in Kendall Square, there was really
a pretty hot bidding war for it, you know, and
(24:37):
MIT has some pretty deep pockets, so they could go
in and say, we're going to give you seven hundred
and fifty million dollars. But primetime real estate in downtown
Boston isn't really selling for all that much money these days,
and if is it even worth it to sell these
buildings that we're not going to get the kind of
money that we could get for them so or that
(24:57):
we maybe could have gotten prior to the down turn
in the real quick market. So there's a lot just
under consideration.
Speaker 2 (25:04):
Well, it's a story that we will continue to follow
because no doubt there will be much more to come.
Katherine Carlock, thank you so much for being a part
of the show coming up next. You know, it as
a place to celebrate special occasions or to enjoy a
great meal, we're talking about the Kowloon Restaurant in Saugust
with a celebration of its own.
Speaker 1 (25:29):
Kim and Joe will explore more business news that impacts
our New England economy when they return.
Speaker 3 (25:36):
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about you.
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Speaker 5 (26:05):
Are you a brother or a sister of one of
Greater Boston's local trade unions and finally thinking about getting
ready to hang up your tools after thirty five years
of working your tailoff? Congratulations, you worked hard to build
your retirement nest egg. But now what Let me help
you break through the nonsense and financial speak so we
can get to the questions that are important to you.
As you know, nothing gets built without a set of plans,
(26:27):
and neither will you a financial future. My name is
Mike Marshall, President and CEO of Marshall Wealth Management, and
creator of the Marshall Plan, a comprehensive, customized plan that
will help you answer important questions in all seven key areas.
You don't have to do it alone. There is no
cost or obligation. Call us at eight five seven three
four two ten thirty that's eight five seven three four
(26:50):
two ten thirty or check us out online at Marshallwealth
dot Com. Marshall with two ls Marshallwealth dot Com.
Speaker 9 (26:58):
Advisory services offered your capital analysts, investment registered investment advisors.
Securities offered through Lincoln Investment Broker Dealer Member fin SIPC,
Lincoln Investment dot Com, Martial Wealth Management and the above
firms are independent and not affiliated.
Speaker 3 (27:09):
And welcome back to the Wingdium Business Report on this
Sunday morning. Joe Shortz lived here with Kim Carr again.
Coming up later in the program, we're to talk to
the co president of Ravis Real Estate. Don't go anywhere, folks,
but you know there's another business story starting to churn
out there, Kim, and it has to do with these
referendum questions. You know out there, they're starting to take shape,
starting to take form. It's a long process, but this
(27:32):
headline of the Globe, you know, caught my attention. Fight
to restore rent control in Massachusetts could soon land in
the ballot box amid ever rising rents. Tenant groups launch
bid to put rent caps on the statewide ballot in
twenty twenty six. And again, folks, that is twenty twenty six.
In other words, they have to attorney general has to
say they're okay, then they have to collect signatures, and
(27:55):
then they got to give them folks up Beacon Hill,
time to pass a law. It's a long process, right, Kim.
Speaker 2 (28:01):
It is a very long process. But it is really
interesting that this issue is raising its head again because
you know, this is this has been an issue for
a lot of elections, hasn't it. You know, I'm in
favor of rent control, and that brings half of the
voters stand and the other half says, no, I don't
want to see that in the state, you know. So
(28:21):
I think with rents being as high as they are now,
maybe people might be more willing to hear it out.
Speaker 3 (28:26):
Yeah. I think we've learned that there's no appetite on
Beacon Hill necessarily for the rent control issue, which means
that if lawmakers and Beacon Hill going into next year
early twenty twenty. Don't bring it up or take it
up or deal with it. Then this really could end
up on a statewide ballot in twenty twenty six. Now,
(28:49):
I think we've seen polls in the past that, you know,
do suggest that there is support for that. And of
course that's as folks on the housing side of this,
the industry of the state, you know, an in construction industry,
and I'm terrified.
Speaker 2 (29:03):
Absolutely, Yeah, there's a real there's a real defined line
for those who like it and those who don't. So Joe,
when I say the Kowloon, I know you have memories
that just pop into your head, right.
Speaker 3 (29:13):
Yeah, I've been there. I always remarked on the size
of the place, how many people that conceit? I mean
it's it's numbers like twelve hundred, right, and then yes
it is more than that.
Speaker 2 (29:23):
Yeah, well, yes it is. And this legendary restaurant is
celebrating seventy five years of being in business, which is amazing.
In over those seventy five years, there's a couple of
things that haven't changed. The first is that their popularity
certainly has not changed except to have grown. And then
of course the family that owns and runs it, and
that is the Wong family. And joining us now is
(29:46):
Bobby Wong. He's one of six siblings, five of whom
are actively involved in the restaurant. Bobby, congratulations on seventy
five years.
Speaker 11 (29:54):
Thank you very much. Can I appreciate the nice introduction?
Speaker 2 (29:59):
Thank you absolutely.
Speaker 4 (30:01):
Can you believe? I mean, I know you haven't been.
Speaker 2 (30:04):
Running it for seventy five years, but is it hard
for you and all your siblings to believe that this
has been, you know, an endeavor that has grown the
way it has over seventy five years.
Speaker 6 (30:14):
Yeah.
Speaker 11 (30:14):
I mean we started, as you know, naturally has been
in our family forever and so it was a natural
progression from growing up and then entering.
Speaker 12 (30:23):
Into the business.
Speaker 13 (30:25):
And the years have come by so fast.
Speaker 11 (30:26):
I mean, it's seventy five years, and a lot of
the siblings that you really think about it, they've been
in it for at least fifty out of the seventy five,
not more so's we've grown into the business, and it's
to see us reached this milestone of seventy five years.
It just was like in the blink of an eye.
It just happened so fast, and we've been fortunate to
(30:49):
be able to be out here so long and still
doing what we love.
Speaker 3 (30:53):
Yeah, Bobby, you know, I was looking at an article
that was written about you some years ago and it
goes like this, it says, so it's no surprise that
fans took a collective gasp on The Long family announced
in twenty twenty one that the existing kow Loon building
would eventually be torn down to be replaced with two
large apartment buildings, one of which will feature a scaled
(31:14):
down version of the Kowloon. Right now, it's all about
getting proper permits, et cetera, et cetera. Where are you
in that processor?
Speaker 11 (31:22):
We still are in that process. It's taken a little
bit longer than we had hoped, but you know, I
thought i'd be saidmi retired by now, which you know,
we're getting up and long in the tooth, but it's
really it's moving along, and the town definitely has to
do their due diligence. We understand that. So we're really
working close with them and it's going to get to
the finish line.
Speaker 13 (31:42):
It's just just a little longer, and but that's it's fine.
It's fine. We get to do what we we do
for a little longer as well, and as as well
as keeping a lot of people happy that we are open,
so that time will come, and when it does, we
just kindle it like we've you know, in the last
twenty five years, one day at a time.
Speaker 2 (32:03):
You know, Bobby, when you made that announcement, Joe and
I used to be on Bloomberg and you were on
Bloomberg talking about it, and I remember that so many
people said to me after that, why why are they
going to do this? It's so popular, it's such a
wonderful place. Why And it's you know, I mean, every
every night you guys are packed. Why would you want
(32:23):
to close it down or downscate, downsize it?
Speaker 11 (32:28):
Well, naturally, you know, as you get older, you have
to slow down. Mentally you can still do things, but
physically you can't. And then it's basically the next generation.
You know, we've gone from my grandparents to my parents
and to myself and my siblings, and the next generation
they're smarter than us, I guess, so they they decided
not to go as much into the restaurant businesses we have.
(32:50):
And it's difficult to get to that next generation because
you're talking about cousins. You know, when you're dealing with siblings,
you know, we've battled since we were you know, and
so when you're battling, even in the workplace, you know it's.
Speaker 6 (33:04):
Going to end.
Speaker 11 (33:04):
It's fine, you know, I'm saying, you get over it,
and it's it's blood is thicker than water, like they say.
But when you get to the next generation and cousins involved,
they don't have that same I don't think cohesiveness of
growing up together and you know, living together and doing
all these things together as you know, as we did
(33:26):
as children, and so it's harder to you know, to manage,
I think, and to you know, credit to them, they've
all decided to go into a lot of other avenues,
some of doctors, and we have the lawyers and engineers
and teachers things like that. So they've they've really progressed.
(33:46):
And I'm really proud of all of them, and even
proud of even proud of naturally of my own kids.
And I guess the bottom line is to be happy
in life, and you know, whatever you're doing, whether it's
to rush on business or anything, you know, just to
be happy and left. And I think that's what myself
and my siblings have realized when we see our own
(34:08):
kids growing up is you know, they make their own
careers in life and families, and you know, we're fine
with the fact that none of them are going into
the restaurant business. And it's not as no one was
steered into the restroom business, even the siblings, my siblings
and myself. My parents never urged us to go into
(34:28):
the restaurant business. Right, it was natural for us because
we woke up every day and we saw them going
to work.
Speaker 3 (34:34):
Bobby, what in the future someday, what does a scaled
down version of Coloon look like?
Speaker 11 (34:41):
So we we're building two apartment buildings, like you said,
and on each floor first floor of each apartment building
will be a retail section and one of the buildings
we're going to be housing the coloun When I say
it's downsta size, you know, from twelve hundred seats, we're
going down to maybe three hundred seats, which still.
Speaker 13 (35:00):
Is a large, pretty large restaurant for a lot of people.
Speaker 11 (35:03):
So downsizing for us would be going to about that side.
And you know, we'll have our employees be part of.
Speaker 13 (35:11):
The management and ownership team.
Speaker 11 (35:13):
If that's that things go as well as we want,
and so that way we can hand off to the responsibility,
the daily responsibility to people that really want to stay
in the business and thrive and still work with us.
Speaker 2 (35:28):
Bobby, you're one of those restaurants that's had the opportunity
to build overall of these years. I know when your parents,
you know, I'd all started about forty seats and you're
at twelve hundred now. Despite the fact that the restaurant
business is a tough business to be and these have
been really difficult years, give us just a little bit
of reflection on what it's like to work in the
(35:49):
restaurant business.
Speaker 11 (35:51):
It's it's long hours. This is why I think, you know,
a lot of the next generation we didn't really will
this onto the next generation our kids, because we know
growing up it was really totally the opposite of what
people did socially. We worked nights, weekends, every holiday, whether
(36:12):
it was Christmas, Thanksgiving, you know, just as Eve, New Years,
New Years Eve, that type of thing. And so you know,
if it wasn't part of your life, it would be
difficult to tell people that this is what you had
to do growing up. But because it us part of like,
it's you know, we took it in stride and we
knew it was.
Speaker 3 (36:32):
Long, a lot and long hours.
Speaker 11 (36:34):
You know, fortunately they hours have been shortened and thanks
to COVID in some ways, but you know, we it
would easily be fourteen hour days with you know, going
at ten or eleven and you don't get home. I
remember going home sometimes after especially on the weekend, after
a long night, and by the time we started driving home,
(36:54):
we can see the sun starting to rise and it's
like four or five in the morning, and then you
hear the bird sun thing and it's like, geez, we're
going to sleep, and.
Speaker 13 (37:02):
Then everybody's starting to wake up.
Speaker 11 (37:04):
So it's really totally opposite of how most people live.
Speaker 4 (37:08):
So and we, you know, we.
Speaker 11 (37:10):
Understood that and it was it was difficult, but you know,
we loved the business. We loved our parents, and that's
why we were in it.
Speaker 2 (37:17):
Well, Bobby Listen con continued success. We want to tell
everybody again that they're celebrating seventy five years. A big
event coming up there at the Kowloon on the twentieth
of August, and you can still get tickets. You just
go to the Kowlaloon's website. Continued success to all of them.
Speaker 3 (37:34):
Well, here's the question. Are you're part of the silver tsunami.
You're thinking about retiring, You're coming up on that magic
number of sixty five or seventy, whatever it may be. Well,
Mike Marshall's the guy you need to talk to martiall
wealth Management that can guide you through that retirement decision.
Mike joins us. Now, Hey, Mike, I guess what happens
in Washington, d C. Does matter, right, and it does
(37:56):
impact your plans to retire. Tell us exactly how this
big beautiful bill might impact people's thought process about retiring.
Speaker 6 (38:05):
Well, Jill, thanks for having me. The big Beautiful Bill,
or the one big beautiful Bill, as President Trump has
called it. Other folks have actually referred to it as
the reverse robin Hood Bill. We all know the fable
of Robinhood, where he steals from the poor and steals
from the rich and gives to the poor. Well, a
lot of people are saying that this bill does the opposite.
(38:27):
It actually takes from the poor and gives to the wealthy.
There are literally hundreds of different provisions in the bill.
What I'm going to do today is cover maybe the
top ten impactful provisions, and those are the ones that
are going to impact Americans more than any of the
other ones. The very first provision is the bill extends
(38:48):
the twenty seventeen tax cuts that President Trump signed in
the law in twenty seventeen. They were set to expire
at the end of this year, but those will be
now permanent and through to twenty twenty eight, so those
have been extended. I don't know if you're familiar with
the salt tax, but the salt tax is a tax
(39:10):
that allows taxpayers to deduct date and local taxes paid
on their federal return. They just increased the salt deduction
to forty thousand or taxpayers making less than a half
a million, and then the cap reverts to ten thousand
after five years. They're estimating this will cost about one
(39:31):
hundred and forty two billion dollars to the US government.
The third one would be the tax deduction for qualified
over time and tips. It's really a new tax deduction
of up to twelve five or twenty five thousand if
you're married filing jointly of qualified overtime pay, and it's retroactive.
(39:54):
Joe back to January first, twenty twenty five. Qualified over
time compensation that an employer is required to pay an
employee under the fair labor standards because the employees work
more than forty hours. So currently all of those taxes
and the tips and all of the overtime at tax.
But this is going to give some relief to the
(40:15):
regular person who's busting their tail trying to make ends meet,
working some overtime and their tips now will be tax
free up until twenty five thousand. There's also a tax
deduction for interest for cars assembled in the United States.
As we know, President Trump is really pushing to get
manufacturing back into this country. Currently we manufacture very little
(40:39):
whereas we used to manufacture a tremendous amount of products,
So that is going to be an incentive for car buyers.
Car buyers can deduct ten thousand per year in auto
interest loans of cars assembled in the US and purchase
between twenty five and twenty twenty eight and again and
(41:00):
stases out for individuals making over one hundred thousand or
for couples making over two hundred thousand. So that's a
pretty generous income level in order for folks to still
be able to deduct the interest on those particular vehicles.
Speaker 10 (41:15):
There is a.
Speaker 6 (41:17):
Tax credit for seniors. It permanently eliminates the personal exemption
for seniors, but it offers a temporary tax production that's
set to expire in twenty twenty eight of six thousand
dollars for seniors. And that again, most of these provisions
phase out at a certain income level, and that phases
(41:39):
out with modified adjusted gross income exceeding seventy five thousand
per individual or again one hundred and fifty thousand dollars
per married couple. There is a child tax credit in
the bill as well that increases from two thousand to
twenty two hundred per child, which isn't really significant. The
(42:00):
refundable portion of the credit is also indexed to inflation,
but it's not increased, meaning the tax credit beneficiaries would
not see a net increase in their credit when it's
adjusted for inflation. We also saw President Trump create Trump
accounts in a contribution pilot program. So what is a
Trump account? It's basically a tax advantage savings account for
(42:24):
children under which parents can deposit one thousand dollars and
the government will deposit the same between twenty eight and
twenty five and twenty eight and then parents can also
add a five thousand dollars per year bonus deposit and
the money will grow tax deferred, so higher education, job training,
(42:48):
maybe a fund for the child down the road. This
is going to encourage people to put away some money
for their children, which typically you know, I mean, if
you have something rust over, you might put it in
a five to twenty nine and are college savings plan,
but most people are busy meeting ends meet. It also
phases out the green tax credits. The Biden Area Inflation
(43:09):
Reduction Act created these green tax credits, and President Trump
is trying to phase these things out. The electric vehicle
phase out for the tax credits would be phased out
by September of twenty twenty five, so next month, and
then the ev charging tax credits would be phased out
in June of next year. Sorry, fees on methane emissions
(43:31):
would be postponed for ten years, while tax credits for
biofuels would be extended in additional four years. We also
saw that this bill created a situation where the depth
ceiling is being raised by about five twelve trillion dollars.
I mean, that's a significant increase. Forty nine percent of
(43:52):
Americans were against this bill. And that's why I say
it's really a It's really a bill that kind of
reaches down into the depths of the common man where
we live and kind of you know, makes these tax
and revision changes the for the wealthy. Right, they're our
Medicaid drug negotiation. It reverses a lot of that too.
(44:15):
The government's going to lose about five billion dollars in
Medicaid drug negotiations.
Speaker 3 (44:19):
Well, as you can see, he's the guy. He's the
guy who has all the answers, right, I mean, he's
the guy. He knows this stuff inside and out. He's
Hey's Mike Marshall of Martial Wealth Management. And if you're
thinking about retiring and are hitting that button, you can
reach out to them at Martial Wealth Management. Coming up,
we're going to be talking with the co president of
Raves Real Estate about our real estate market.
Speaker 1 (44:41):
You are listening to the New England Business Report on
the Voice of Boston w RKO six 't eighty Joe
and Kim will be right back.
Speaker 5 (44:52):
Are you a brother or a sister of one of
Great Boston's local trade unions and finally thinking about getting
ready to hang up your tools? After thirty five years
of working your tailoff. Congratulations, you worked hard to build
your retirement nest egg. But now what? Let me help
you break through the nonsense and financial speak so we
can get to the questions that are important to you.
As you know, nothing gets built without a set of plans,
(45:13):
and neither will your financial future. My name is Mike Marshall,
President and CEO of Marshal Wealth Management and creator of
the Marshall Plan, a comprehensive, customized plan that will help
you answer important questions in all seven key areas. You
don't have to do it alone. There is no cost
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Speaker 9 (45:44):
Advisory services offered through Capital Analysts or Lincoln Investment Registered
Investment Advisors. Securities offered through Lincoln Investment Broker Dealer Member FINRA, SIPC,
Lincoln Investment dot Com, Marshall Wealth Management and the above
firms are independent and not affiliated.
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Speaker 4 (47:00):
YI, everybody, I'm Kim Kerrigan and I'm Joe Shortsley.
Speaker 3 (47:03):
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Speaker 1 (47:27):
The New England Business Report on WRKO is brought to
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Speaker 2 (47:45):
Welcome back everybody to the New England Business Report. Great
to have you with us this morning. You know, Joe
and I've learned a lot about business over the years,
that's for sure. But one of the things I think,
Joe that stands out to me and I think you
would agree, and that's the importance of the real estate
business and how it's really a barometer when it comes
to just the business climate as a whole.
Speaker 3 (48:04):
Oh yeah, in a larger economy, of course. Absolutely So
do we get to talk to a co president you
know what I mean.
Speaker 2 (48:09):
Well, not very often. We're excited to have him in
house today. We are joined by Ryan Raves. He is
the co president of William Raves Realty, Mortgage and Insurance Company.
And really great to have you with us. Ryan, thank
you for being here.
Speaker 12 (48:25):
Thank you so much for having me. I appreciate it.
Speaker 2 (48:27):
Absolutely. We want to get right to it. You know,
it seemed like a year ago, Ryan, I never saw
a house for sale in my neighborhood, never and then
suddenly this summer houses started popping up for sale everywhere,
and now they all seem to be selling. So is
this a good barometer about what's been happening when it
comes to the real estate market.
Speaker 12 (48:49):
Well, I think the real estate market. I've been working
with my family business for twenty years or so, and
one thing that my dad has always said in the
of course the years that we've been in business, it
says that the cycle that it's seven years, seven years down,
three years up. And if you look at what happened
over the course of the COVID years, we went up
(49:10):
pretty quickly. The supply of housing was really short, and
it drove prices up, and a lot of people locked
into interest rates that were well below historical norms. And
I think what you see now is people getting back
to the rhythm of a normal life where people have
to move for promotions, maybe there's somebody leaving the house,
(49:32):
maybe there's a new baby in the house, and they
have to move on with life as opposed to being
locked in with these interest rates. So there's a lot
of different factors driving what's happening with housing supply, but
that's one of them, and it's certainly all local. We
have areas where we operate, some in Florida and Florida,
Connecticut and Massachusetts, and the markets look vastly different from
(49:56):
how much supply is available on the market at.
Speaker 3 (49:59):
Any given talking with Ryan Raves, of course, the co
president of Raves real Estate, but I think a lot
of people will wonder give us a snapshot of the company.
Where are you guys? How big are you? How old
is Raves?
Speaker 12 (50:10):
Yeah? Happy to William Raves real Estate, Mortgage and Insurance
was started fifty years ago by my father Bill. We
grew the company. My brother and I joined roughly twenty
years or so ago, and today we have just under
one hundred and fifty offices in Florida, in South Carolina,
in all states north of Manhattan. We've worked on growing
(50:32):
the family business with recent acquisitions in Nantucket and the Hamptons,
and the goal of what we do is we're trying
to tie the whole real estate process together. So that
means in order to buy a home, you need some
sort of funding, and many people take out mortgages. So
William Raves Mortgage preapproves the buyers. William Raves real Estate
(50:52):
helps them find the home, William Raves Insurance helps them
make sure that they're covered properly. And then we've gotten
into other businesses that help our customers hook up their utilities,
their cable, their satellite, their home security, and actual help
them manage the moves themselves. So when we stay real estate,
our definition of a real estate company is very different
(51:14):
than any of you know, many of the other brokerages
that you might be familiar with.
Speaker 10 (51:19):
Yeah.
Speaker 2 (51:19):
In fact, Ryan, you guys, which adess is what you're explaining.
This is your new concierge service that you launched last month.
And I know you guys are really proud of that
sort of one stop shopping.
Speaker 12 (51:29):
Right Yeah, well it's one stop shopping, but it's taken
to another level. We have William Ravis. We pride ourselves
on being a full service brand that provides a luxury
experience to all customers, regardless of price pointing. So we
want our customers to leave doing business with us absolutely delighted.
(51:49):
So instead of just providing the services and having the
customers choose all the car we're actually signing a person
a concierge as much as you'd see in a luxury
resort that'd be available for our customers to help them
navigate their home buying and home selling experience.
Speaker 3 (52:07):
Ran, I'm curious as to where you spend the bulk
of your time. Are your fingers in one hundred different
pies or are you more involved on the mortgage side
or the sales side. Where does Ryan spend his time?
Speaker 12 (52:19):
Yeah, I grew up on the mortgage side of the business,
and then about ten years ago, my father Bill pulled
Chris and me aside and said, you guys, I want
you to run more of the day to day Chris,
you'll have all of sale, so Chris and my brother
Chris is responsible for all of our agents in the field.
Than Ryan. You'll run operations and headquarters. So I run
(52:41):
all headquarters inclusive of marketing, finance, all of our Internet capabilities,
and our ancillary businesses are more EA our insurance companies.
Speaker 3 (52:51):
So you don't have much to.
Speaker 12 (52:52):
Do much going on, you know with the family business though.
It's so it's matured over time and it's been nice
to see it. We've we've brought on a lot of
great professional managers from large corporations that have helped us
bring discipline to our business. But it's a nice mix
(53:13):
because you still have Bill, Chris and Ryan. Along with
that discipline. We've got discipline from ge from PEPSI, from
Free to Lay, large companies like that, and we're able
to integrate that into what we've done so well with
our culture.
Speaker 3 (53:28):
Well, let me just drill down a little deeper on that.
What's the number one priority in your desk right now?
Speaker 12 (53:33):
Growth? Growth and servicing our customers and growth?
Speaker 4 (53:37):
What does that mean?
Speaker 2 (53:38):
More more markets or just bigger volume in the market
you are, curly.
Speaker 12 (53:43):
It's funny.
Speaker 8 (53:44):
We didn't.
Speaker 12 (53:45):
I'm not sure we really intended to grow into the
areas what we did. It's opportunities just kind of popped up.
And then we thought struck us that you know, our
customers that live in Boston, they're sure a whole lot
of them moving down to Maple, Florida. Our customers in
Greenwich and Fairfield County, shure a whole lot of them
moving to Palm Beach. And we started getting into Florida
(54:09):
and we realized that those are really good markets for us.
A recent acquisition in the Hamptons, another one in Nantucky.
They're great markets for us, and it really our brand
for one reason, another just resonates there.
Speaker 3 (54:25):
How different is it geographically? The real estate business at
this point is New England the head of Florida, I mean,
is the Midwest doing bank. How does it break down geographically.
Speaker 12 (54:36):
Yeah, the Northeast has been pretty resilient recently, and Boston
area in particular, it was always so amazing to us
to see the numbers continuing to go up and up
and up and up in Boston ten percent growth, fifteen
percent growth, and I attributed to I'm forty seven, so
(55:01):
when I was getting out of college and living in Boston,
the big dig was just kind of getting started and
wrapping up. And just the way the city changed and
the way that the suburbs grew in the last twenty
years is just amazing, very different so than some other
areas that have stagnated a bit. And then you get
(55:21):
down into Florida and it's it's got a mind of
its own. It's a completely different buyer than what you see,
say on the South Shore, and you know that it
really is localized. Real estate really is localized in terms
of how the markets operate.
Speaker 2 (55:39):
Ran going back to the real estate market currently, let
me ask you about which portion of the market seems
to be, you know, really flourishing. Are we talking about
high end or were first time buyers? Where are we
really seeing a big influx?
Speaker 12 (55:52):
Well, I think first time buyers. And I know I'm
not the first one to break this news. It's a
bit difficult for first time buyers to get in the
market based on where housing prices are right now. So
there's a there's a big focus on building more housing,
more affordable housing. Certainly a drop in interest rates would
(56:13):
help more people get into the market, but that middle
market is still working. The luxury market, the higher higher end,
the you know, ten twenty thirty million dollar houses there.
It's up and down a little bit depending on the
area where you are, but this is the same market
that we've been in for the last two years exiting COVID.
(56:36):
It's it's kind of bumping along. I think what you're
seeing right now is inventory starting to loosen a bit,
which is a good sign. If interest rates can come
down a little bit, then they're potentially going to be
a very great real estate market.
Speaker 4 (56:49):
Absolutely.
Speaker 2 (56:50):
He is Ryan Raves. He's the co president of William
Raves' Realty, Mortgage and Insurance. So good to have you
with us today, Ryan, All right, that's.
Speaker 3 (57:00):
All the time we have today. Of course, we've enjoyed
today's program. Looking ahead to next week, Uh, Kim and
I will of course be here, but we're gonna relive
some of the you know, the better interviews this summer.
We're gonna here again from mister ernie Bach, and he
always has interesting things to say about well, the economy
and of course the cards. That's the new England Business
Support that's next Sunday morning right here in w r
(57:22):
k O. The Boasts of Boston am succeed
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