September 14, 2025 • 58 mins
On today’s program, we speak with Jim Rooney CEO of the greater Boston Chamber of Commerce. We also speak with the cofounder of Evolv technology in Waltham about the ongoing threat of gun violence in this country. Don Seiffert managing editor of the Boston Business Journal takes us through the weeks headlines. Mike Marshall of Marshall Wealth Management talks about the silver tsunami and what people need to do in order to retire. And finally Sabrina Shankman of The Boston Globe brings us up-to-date on the wind industry in New England.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
This is the New England Business Report with Joe Shortsleeve
and Kim Carragan, a weekly roundup and discussion of the
top business news impacting our New England economy.
Speaker 2 (00:09):
Good morning everybody, Kim Carragan along with Joe short Sleeve,
and it is great to have you here on the
New England Business Report on this Sunday morning, September fourteenth.
We hope that everybody as well. Here we are in
the last week of summer. I know that that's hard
for everybody, believe a lot of people think it ends
Labor Day, but we've got yet another week of official
(00:30):
summer and then away we go into fall. So Joe,
it looks like we've got a great show, and let's
take a look at what's coming as we head into
the fall. Joe and I were really anxious to talk
with Jim Rooney. He's a president and CEO of the
Boston Chamber of Commerce. We wanted to see what his
members are talking about and get some of Jim's insight
(00:52):
on some of the big issues facing the city, including,
by the way, a discussion about the mayoral contest that's
coming up of course a little more than a month away,
and that certainly has an impact on the business community here,
and we're going to chat with Jim about that. Then
we're going to speak to the co founder of Evolved Technology,
(01:13):
a Neil chet Kara. A. Neil's company, which is located
in Waltham, creates technology that's used to keep public and
private location safe. We have a great pleasure of chatting
with him earlier this summer and he talked about some
of the venues here locally that are his customers, if
you will, the Garden and North Station as well as
(01:35):
as Jillette Stadium. So he is going to join us
to talk a little bit more about some of the
other clients that he has, which Joe I think is
really fascinating because I know FIFA has hired him, you know,
the soccer league with the World Championships coming up. You've
talked about the fact that the company has been hired
(01:55):
for some of the NFL teams, so really spreading their
way right out of Waltham, Massachusetts.
Speaker 3 (02:02):
Yeah, and they represent thirteen pro football teams right now
and they hope to represent more. We'll be talking with
Anil about that as well. And then also we're going
to be joined by Don Seifert, Managing editor of the
Boston Business Journal. And you know, just when you thought
it was a quiet week, boy Arthur T. Demulis gets whacked,
gets fired. That's huge news, and of course he'll bring
(02:25):
us the very latest on that story. Their headlines are
and I guess de Mulis called it market basket CEO
called firing a farcical cover up for a coup. So
that was that's like that became the lead story at
the end of the week. But before that, I mean,
the other story that, of course the BBJ was handling
was this whole idea of Hasbro choosing the Boston Seaport
(02:50):
for a new headquarters. And I know they've been watching
the business community has been watching this decision closely for
well over a year, probably almost two years at this point,
and finally went to Boston's. So the BBJ is all
over that, and I guess obviously they're leaving Rhode Island,
and so Rhode Islanders, the leaders down there in the
state obviously aren't happy, and they are reacting as well
(03:11):
to Hasbro announcing a relocation to Massachusetts. And just when
you thought that wasn't enough, dunkin Donuts, we all love
our Dunkin Donuts, don't we. Well, the Duncan franchise to
close Massachusetts production facility, laying off seventy four workers. I
guess this is just a huge facility in in haveorl
(03:34):
a production facility and out of the nowhere it's shutting down.
So we'll find out exactly what's going on there. And
this is now, this is something I had. It's a
fun headline on the BBJ has to do where is
Boston's blow up nightclub?
Speaker 4 (03:53):
Anyway? I guess there was a promise that we'd have
a blow up nightclub?
Speaker 3 (04:00):
And you know, so the bbj's asking the question, So, Kim,
We've got a lot going on in today's program, that's
for sure. Joining us now is a familiar guest here
on the New England Business Support Jim Rooney, president's CEO
of the Greater Boston Chamber of Commerce. Jim, of course
has his finger on the pulse of all things business
in downtown Boston. We always love checking in with Jim.
(04:21):
See what the climate is downtown, See what's on his plate,
what's on his desk? Jim, thank you very much for
joining the program. And I guess really we start with
the question that's on everybody's mind at this point, and
that is where are you on the Red Sox.
Speaker 5 (04:36):
Ah, I'm positive, you know, although the injury to Rookie
Superstar plated our enthusiasm a little bit.
Speaker 4 (04:49):
But you're all in. But I'm all in.
Speaker 5 (04:51):
You know, it'll be nice to geez. I don't want
to jinx, but it'll be nice to see a couple
of playoff games again.
Speaker 4 (04:57):
It certainly would. It certainly would.
Speaker 6 (05:00):
We won't.
Speaker 2 (05:00):
We won't plan a parade quite yet, Jim.
Speaker 5 (05:02):
But yeah, let's not do that.
Speaker 4 (05:05):
Yeah, okay, And how do you watch them? Jim?
Speaker 3 (05:06):
I'm just curious because we were just talking about the
cost of cable and streaming services and things like that.
Speaker 4 (05:10):
How do you watch the Red Sox?
Speaker 6 (05:13):
Oh?
Speaker 5 (05:14):
I buy whatever, I have to buy it.
Speaker 3 (05:16):
Exactly join the club. We are all just talking about that. Yeah,
all right, let's move on here, sir. If we couldn't
talk about well, what do you see? What's your crystal
ball show?
Speaker 4 (05:25):
You what?
Speaker 3 (05:25):
What's the health of downtown at this point?
Speaker 5 (05:28):
Well, you know, it's pretty stable, I would say. You know,
we're hovering around you know, seventy well down thirty percent
from office visits since July of twenty nineteen in Boston
trailing other cities. You know, interesting what's going on in
(05:49):
New York. New York actually is positive about one percent
in terms of office visits in downtown Manhattan, so that's interesting.
Miami's positive, Atlanta is doing well, but we're down with Boston, Chicago,
(06:09):
San Francisco in the thirty percent, down from pre pandemic.
So it'd be interesting to see, you know, what's going
on in those other places. I suspect that there's more
requirements in place to go back to the office.
Speaker 2 (06:29):
Well, Jim, yeah, I mean my first question, Jim to
that is what's happening here that's keeping people out of
the office.
Speaker 5 (06:35):
Yeah, well, I mean I think there's I think there's
a couple of things, and you know, we've talked about
them before. The transportation and mobility one is when we
talked to our members is always at the top of
the list, both getting into Boston, the commute on public transportation,
the congestion and the highways, but then also when you
(06:58):
get here, just getting around. You know, Boston is a
small city of very walkable city, but you know you
can you can go two miles at the wrong time
of the day, and it will take you thirty to
forty minutes if you take an uber try to drive.
So so I think there's a lot of frustration with that,
(07:19):
and and that's just keeping people wanting to be more
flexible and control of their lives. I think that's top
of the top of the list.
Speaker 7 (07:30):
Uh.
Speaker 3 (07:31):
Jim Rooney is our guest, a CEO, president of the
Greater Boston Chamber of Commerce. In terms, there was an
article in The Globe recently written by John Cesto and
talking about the health of downtown, and I think.
Speaker 4 (07:41):
The bottom line of the article when you got to
the end, sort.
Speaker 3 (07:43):
Of suggests that maybe maybe this is it, Maybe maybe
this is as good as it gets, and that Monday
and Friday are just gonna be deadly dull and downtown.
Speaker 4 (07:54):
Where are you on that?
Speaker 5 (07:56):
Yeah, I think that it's a close still as good
as since kind of get. You know, I think Friday
has become a day that is is quite light. Mondays
bounce back a little bit, and you know, of course Tuesday, Wednesday,
Dursday sometimes feels a little bit more normal like it
used to be. My office is right in the Financial
(08:19):
district and you can see the differences in each of
those days. I do think that with the with the
improvements that have been remarkable over a short period of
time of the Tea in terms of reliability service levels.
We saw the increase in the in the speed on
the Orange Line announced in the last couple of weeks,
(08:41):
I think they'll do better in building up people's confidence
to give them a try. Uh. And the other thing
that's happening on the on the demand side, I guess
is that the employers, we're hearing from them that they've
had policies in place of three or four day in
the office each week, but they weren't as enforced. They
(09:04):
were suggestions, I guess you'd call them.
Speaker 4 (09:08):
Uh.
Speaker 5 (09:08):
What we're hearing from our members is that they intend
to be more forceful about enforcing the return to work.
So I think the numbers are going to go up,
but I think there's there's some new normal that is
not the five day a week, nine to five downtown
Boston that we had before.
Speaker 2 (09:28):
Jim, I know that you try not to be a
political animal, but obviously we've got a race coming up
from mayor. Could one of these two candidates make a
difference in this, whether positive or negative in your eyes
or in the eyes of your members.
Speaker 5 (09:44):
Yeah, we have a race for MAYA. Well you would
hardly know it. Yeah we we poor Josh Gray, Yeah we.
Speaker 6 (09:57):
You know.
Speaker 5 (09:57):
The disappointing thing about the race for may that's going
on is that I have not seen a robust conversation
among the candidates about the issues that are important not
just to the business community but to the residents.
Speaker 6 (10:15):
Uh.
Speaker 5 (10:15):
You know, there's been a lot more conversation about you know,
the personalities and the backgrounds of the people than there
has been about you know, issues of transportation and housing.
You know, sporadically you'll hear something like that, but the
question that you're asking, Kim, really hasn't been brought to
(10:36):
the candidates in a meaningful way that people can assess,
you know, you know, what are you going to do differently?
What's bold and the and the proposals that you have
for issues of transportation and housing and cost of living
and those sorts of things. You know, they mentioned them
as issues, but there really hasn't been any any demonstrations
(11:00):
of what I would describe as meaningful, you know, game
changing kinds of proposals.
Speaker 3 (11:07):
Well, that sort of suggests that the incumbent mayor will
be re elected and her policies were will continue. Is
that is that healthy for downtown?
Speaker 5 (11:17):
Well, there's there's some good things. I'm not sure that
they are I'm not sure that they are are bold enough.
You know, there's a lot of discussion, let me give
you an example, a lot of discussion about bringing more
residents into the downtown and so forth. But that's coupled
with that's coupled with policies that make large scale developments
(11:43):
almost impossible to finance. So you know, on the one hand,
there's a there's a desire to do that. There's some
zoning changes that are under consideration the downtown that would
allow for residential development, but the requirements that go into
(12:03):
building in downtown Boston in the process still makes it
cost prohibitive. So we have to get after that side
of the equation.
Speaker 2 (12:13):
So, Jim, here we go, headed into the last quarter
of the year. Talk a little bit about the confidence
of your members and how they feel about the economy
as a whole.
Speaker 5 (12:23):
Well, generally speaking, I would say that the economy as
a whole, as you put it there there positive. I
think that you see a lot of hesitation and uh,
you know, I've described it as as paralysis in terms
of hiring and capital investment, and you know, let me
(12:45):
give you an example. You know, we asked companies about
over the summer about, you know, what they expect to
what they expect to do in terms of their workforce
and the UH in the next six months, and about
two thirds of them basically said they just plan to
maintain comment levels, and about twenty three percent said that
(13:09):
they anticipate reductions. And some of that's interest rates, some
of that's uncertainty associated with the taists. They just don't
know where to go. And similarly, sixty five percent said
they intend to reduce discretionary spending and that i mean
business travel, that was the number one category of reductions,
(13:31):
but also marketing, about forty percent said they intend to
reduce their marketing budgets. So they're doing okay, but they're
not seeing an economy that warrants additional capital investment in
(13:51):
additional hiring and job growth, and that that comes out
in the job numbers. I mean, you see that the
job numbers both national in the messages. It's a just
pretty flat and we see it locally in the surveys
of our members that you know they say that they
say no, we're not intending to hire, and some are
saying no, you know, we might have to let a
(14:12):
few people go.
Speaker 4 (14:14):
All right. He's Jim Rooney.
Speaker 3 (14:16):
He is the CEO and president of the Greater Boston
Chamber of Commerce and he always tells it like it is.
Thank Jim very much for joining us on the New
England Business Report.
Speaker 1 (14:29):
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 7 (14:43):
It's so much.
Speaker 8 (14:43):
Fun when I'm driving with you everywhere, with everything that
we do. Yeah, it's fun when I'm driving with you.
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Speaker 9 (15:43):
Are you a brother or 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 you
a retirement nest egg. But now what? Let me help
you break through the nonsense and financial speak so we
can get to the qui questions that are important to you.
As you know, nothing gets built without a set of plans,
(16:04):
and neither will you a 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 or obligation. Call us at eight five seven three
four two ten thirty. That's eight five seven three four
(16:27):
two ten thirty. Well check us out online at Marshallwealth
dot com, Marshall with two els, Marshallwealth dot Com.
Speaker 10 (16:34):
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 Wealth Management and
the above firms are independent and not affiliated.
Speaker 2 (16:47):
Hi, everybody, I'm Kim Kerrigan.
Speaker 3 (16:49):
And I'm Joe Shortestlee. If you want to be part
of the New England Business Report, sponsorships are still available.
Speaker 2 (16:56):
You can email us at any Business Radio at gmail
dot com.
Speaker 3 (17:01):
That's any Business Radio all one word at gmail dot
com and we'll get your business on the show too.
Speaker 2 (17:15):
Welcome back everyone to the New England Business Report. You know,
advanced security detection technology for a safer world is Evolved
Technology Gold and their mission and we had the great
pleasure earlier this summer Joe of having Anil Kara on
the show. He's the co founder of Evolve and you know,
(17:37):
watching our world and knowing you know how important security
in public and private places is at this point, we
thought it would be great to have a Neil back.
It's great to have you, sir. Thank you for joining us.
When you joined us earlier this summer, you chatted about
why it was you started Evolved with your partner, and
we're wondering if you would just shared that story with
(17:58):
our audience again.
Speaker 6 (18:00):
So we started Evolve about twelve years ago because of
two specific events. One was the Boston Marathon on April
fifteenth to twenty thirteen, and I was there at the
marathon with my kids as my wife was running it
and finishing it. We left, but unfortunately a friend of
ours was significantly injured in the attack. As you rewind,
four months before that, it was the Sandy Hook shooting,
(18:22):
and that was the tragedy that we all know too well,
and they were about fifty two mass shootings between those
two events. And what we saw, what Mike and I saw,
was this need to apply the latest technology to help
help security professionals and law enforcement keep us safe, safe
in all those places we are every day. So we
started the company and have built technology that's now fairly
(18:44):
widely deployed and it's being used to do that to
detect and prevent weapons from entering places where they're prohibited.
Speaker 4 (18:49):
Talking with a nail.
Speaker 3 (18:50):
Jitit Car of course, one of the founders of Evolved
Technology there in Waltham, A nailed You know, obviously there's
just been the shooting of A Charlie Kirk in Utah,
but August was also a very violent month. You watch
this happen to us and basically you know, from a
(19:10):
business standpoint, what is the reaction and what was August like?
Speaker 6 (19:14):
Yeah, so let's just first highlight some of the tragedies
that have happened. I do want to briefly mention the
two events this past week, the nine to eleven twenty
fourth Memorials, So that was many lives lost, many families impacted,
and first responders that continued to be affected by that.
So we don't want to forget that. I will never
forget that. And then you mentioned the political violence that
(19:36):
happened on Wednesday as well. In August we saw about
thirty five mass shootings. Then those mass shootings are defined
by four or more victims killed or injured. They include
what some of us have seen, the Nunciation School shooting
in Minnesota, a broken nightclub shooting, the the CDC shooting
(19:57):
in Atlanta, which was not technically a mass shooting, but
certainly was a tragedy for people involved in a shooting
at the Montana Bar. So, these are happening in many
different places and in many different scenarios, and it's unfortunate
that it just continues to happen across the US.
Speaker 3 (20:14):
So and Neil, How do businesses handle these headlines? So
what is it that you're hearing from, you know, the
business community as it relates to these tragedies.
Speaker 6 (20:24):
So the first thing that they do, and when one
of these happens, and they do it sort of usually
in advance, is they do a threat, vulnerability and risk assessment.
So for their specific location, what are the threats? How
what might happen? Might it be a gun and a
shooter coming in, Might it be a vehicle threat that's there,
What are the vulnerabilities that they have, what are the
gaps in their security approaches? And then the risk, what
(20:47):
the likelihod and impact of that happening, and then some
security recommendations to close those gaps. And that threat, vulnerability
and risk assessment may change over time. It's a function
of the location. If there's an event or an entertainment venue.
It might be a function of the person performing that
that night, and certainly for time is the threats change
(21:07):
and so they look at that and then try to
deploy particular security protocols in place to try to minimize
the threat of that happening there.
Speaker 3 (21:15):
So when these things happen, when when the Annunciation School
shooting in Minnesota or the Brooklyn ncub as you sit
there or do your work, I mean, how would things
have been differently if evolved? We're you know, partners in
some of these situations.
Speaker 6 (21:32):
So we are a piece of a security a multi
layered security process. I do not want to ever convey
that we could stop something that's happened, because I believe
that the security professionals try to do the best they
can do with what they have. And so in the future,
as we think about places where firearms may be getting
into places where they have prohibited, we prevent and detect
(21:53):
firearms that are concealed on people where it's on their
body or and beds, and that is one of a
series of different layers that are there. What we've seen
from businesses is there's some basic things that need to
be put in place sort of ahead of that or
as part of that, some businesses are putting armed security
staff in place, certainly the ability to do some threat
intelligence monitoring, and there's specific threats that have borne themselves
(22:16):
out on the location, on the people, on an event
that's happening. That's a key part of a security plan.
And in some cases they'll limit entrances, ingress entrances so
they can have a more control to flow inside. So
there's a basic set of things they do, and then
there's more advanced things. You mentioned the advanced security screening
that's well element to it. Some companies are deploying video
(22:36):
based tools, so there's video based tools that can see
an openly carried firearm that is visible to a video
camera and provide some advanced warning. Those are being deployed
out there. And then there's some response elements as well,
So in the unfortunate event that something happens, there's elements
of response, for example, ballistic glass that can't be shot through,
automatic locking of doors and elevators, or panic buttons and
(22:59):
eye one one notification, so multiple different layers to try
to address and prevent these tragedies.
Speaker 3 (23:06):
Andiel Chikara is our guest with from evolved technology there
in Waltham, and of course the NFL season. I've been
looking at your website as well, and the NFL season
is underway and you currently it looks like, according to
what I've seen on your website, thirteen total pro football
teams are using your systems. Can you talk a little
bit about that.
Speaker 6 (23:25):
We do, so we have worked with the NFL teams.
We've worked with the NBA teams and HL teams, MLB
teams and MLS teams as well, and so those teams
have pretty sophisticated security protocols in place. A number of
them have incorporated the our technology in that so that
they can quickly move fans sort of threw in into
(23:45):
the stadium, but screen all those fans to ensure they're
not carrying concealed weapons inside. And so the technology we've
delved is particularly good to move through, move people through quickly,
but also ensure that the security team can identify those
who might have might have a thread on them. And
where people have focused on the game and the experience
and going there with their friends and family and really
(24:06):
what they're there to do, which is to enjoy themselves
and enjoy their team, whether it's the home team or
the AA.
Speaker 3 (24:12):
Team, and you screen over three million people each day.
Speaker 11 (24:16):
We do so.
Speaker 6 (24:16):
We have about seven thousand of our systems around the
US at sports and entertainment venues, at schools, at hospitals,
at workplaces, and there's about three million people going through
the systems each day in those different locations, and we
look at it as helping those people live the lives
they want to live, go to school, go to a hospital,
focus on their own care or their enjoyment if it's
(24:38):
a sports and enterherent venue, and minimize the hassles, not
force them to take their phones out of their pockets
and stop and put everything in a bucket, but sort
of move right through but for their venue and the
security team let them have confidence that technology is screening
all those people coming through, and if somebody comes through
and might have a thread on them, there's a protocol
(24:59):
in place for them to ensure they don't have a
threat or if they do, to resolve it.
Speaker 3 (25:04):
Heythan Neil chit Kara with the co founder there of
Evolved Technology in Waltham, and we do appreciate you taking
time in joining us today on the New England Business Report.
Speaker 1 (25:19):
Kim and Joe will explore more business news that impacts
our New England economy when they return.
Speaker 8 (25:25):
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Speaker 9 (26:26):
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
you a 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,
(26:47):
and neither will your financial future. My name is Mike Marshall,
President and CEO of Marshaal 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 two
(27:10):
ten thirty. Well check us out online at Marshallwealth dot
com Marshall with two l's Marshallwealth dot Com.
Speaker 10 (27:17):
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 Marshal Wealth Management and
the above firms are independent and not affiliated.
Speaker 2 (27:30):
Hi everybody, I'm Kim Kerrigan.
Speaker 3 (27:32):
And I'm Joe Shortsley. If you want to be part
of the New England Business Support, sponsorships are still available.
Speaker 2 (27:39):
You can email us at Any Business Radio at gmail
dot com.
Speaker 3 (27:43):
That's Any Business Radio all one word at gmail dot
com and we'll get your business on the show too.
And welcome back to the New England Business Support on
this Sunday morning, of course, the fourteenth of September, the
final week of summer here.
Speaker 4 (28:06):
And you know, this has becomes sort of a ritual.
Speaker 3 (28:09):
Every year we hear from Apple or every other year
whatever it is, Apple coming out with their new phones.
Apple's iPhone seventeen lineup is out and it includes a
new ultra thin.
Speaker 4 (28:20):
Model and one hundred dollars price hike for the pro model.
Speaker 3 (28:24):
Now you know, of course, and then you look at
it and you go, don't tell me, just please don't
tell me that it's the better camera. And sure enough
it's the first thing they tell you. It's a better
camera with more memory. Oh really, I don't know, Kim,
is this what does it do for you?
Speaker 4 (28:43):
This headline?
Speaker 2 (28:44):
Well, the better camera thing. I mean, you and I've
been laughing about that for years, right, I'm like, how
much better can they get unless they just start, you know,
taking pictures on their own, right, if the camera takes
over and takes its own pictures. I don't know how
much better we need, but I will say that, you know,
the battery life is my issue always. I don't know
(29:06):
about you. It's you know, eventually my battery just starts dying,
whether it's charging.
Speaker 3 (29:11):
Yeah, and it feels like, you know what, they know this,
they know that. But the other headline in the same story,
as the global trade war has compounded Apples challenges. Now
all iPhone seventeen models are expected to be made in
Apple's manufacturing hubs in China and India, exposing them to
some of the White House's tariffs. So, you know, both
(29:34):
the Trump and the US Commerce Secretary have insisted that
iPhones be made in the United States, but the company
says that's unrealistic, and they say that they can't pull
that off. They said if they did try to do that,
they would be tripling the cost of the iPhone current
price from you know, I think around one grand to
three grand.
Speaker 4 (29:53):
So well, Joe.
Speaker 2 (29:55):
Let's continue the conversation about business headlines here in the
New England area with me, editor at the Bust of
Business Journal. Always good to have Don Seiffer with us. Done.
You've been busy, busy, busy there at the journal. Let's
start with this story, the never ending saga of market
basket Boy. This week a big, big headline. RDT demulas
(30:17):
he is out.
Speaker 11 (30:19):
Yeah, not exactly an unexpected one, I guess, but I
think people have been expecting this ever since he was
put on administrative weed in May. Of course, this is
the well known CEO who's you know, very popular with
the twenty thousand employees that worked at the various market
baskets around eastern Massachusetts. You know, the company is one
of the biggest employers in the entire state. And you know,
(30:43):
it came after a couple of days of mediation. There
was no word on what was happening at the mediation,
and suddenly the company just put out the email saying
they had fired RDT. So the reaction was kind of swift,
and you know, we, along with everybody else, jumped on
the story.
Speaker 4 (31:00):
Will Don tell us what uh uh RDT had to
say about this?
Speaker 11 (31:04):
Well, he uh. He said from the very beginning that
you know, I think one of the most memorable coaches
a farcical cover up for a coup, which you know
is is using the board of taking over the company.
I mean, obviously the board you know, is the company
as much as he is. But uh, but you know,
this whole fight seems to have been about that the
board believes that the CEO that r.
Speaker 12 (31:26):
D T.
Speaker 11 (31:27):
Uh, you know, this popular beloved CEO, is basically not
respecting the board authority. I mean, you know, in any corporation,
the board has authority to hire and fire the CEO.
But in this case, Arthur T, they say, kind of
flouts their authority, doesn't really listen to what they say,
doesn't you know, doesn't answer when when they ask for information,
(31:49):
or or you know, doesn't really work with them very much.
That's what they say. Anyways. Uh, you know the RTT,
you know, on his on his side, he's he's always
maintained that he's know that that he respects the board,
that you know that he makes suggestions that of things
that he wants. As far as you know, succession of
the company has been a big question, and you know
(32:09):
he's apparently put forth his kids as as a possibility.
The board says that he has ignored any other possibilities.
So it's I mean, it's it's very much he said,
she said kind of thing. And it's difficult to tell what,
you know, what the real story is in any in any.
Speaker 2 (32:25):
Sense, don do you anticipate that the consumer is going
to see any kind of fallout from this?
Speaker 5 (32:29):
I don't know.
Speaker 11 (32:30):
That's a very open question. I mean a lot of
people are kind of fearing that the company. Of course,
you know, the board has promised from the beginning there's
going to be no changes. We're not going to do anything.
But who knows, I mean, you know, I mean you
would think that Arthur t kind of is, you know,
would be a staunch, you know, pretend defender of the
(32:50):
status quo of market Basket. So with him out, does
it seem more likely that there could be changes?
Speaker 6 (32:56):
You know?
Speaker 11 (32:57):
Yeah, I mean it does seem like they're they're very
well could be. But course, like I said that, you know,
the board and the board chairman has insisted over and
over again, we're not going to make any changes. We're
going to keep the low prices. So it's you know
that is definitely a big fear I think, you know,
with with all shoppers who go to market basket.
Speaker 3 (33:15):
Don Zeifert, managing editor of the Boston Business Journal, is
our cast. Well before you got to the whole market
Basket headline, you know, splashed onto the scene, the other
big story was Hasbro. Now that's the story that you
guys have been watching well over a year. I think
at this point the Boston scene.
Speaker 11 (33:32):
Actually, yeah, it's been exactly you're come to think of it.
We actually broke the news. I can probably say in
September of twenty twenty four, we heard from some real
estate sources that Hasbro was nosing around in the Boston area,
and uh, and you know, and then we got Hasbro
to admit that, yeah, we are, we are possibly looking
for off the space, but they have never committed until
(33:53):
just this past week that they were actually gonna going
to make the move. Obviously, Hasbro is based in Pawtucket,
Rhode Island. It's been there for over a century.
Speaker 6 (34:01):
You know.
Speaker 11 (34:02):
There's a big game and toy story. They own Monopoly,
they own Plato, they own My Little Pony, all of
these well known brands that people grew up with and
at Finally this past week they just pulled the trigger
and said, Yep, we're moving to the seaport. We're going
to have a seven hundred employees there and uh and
it's going to happen in late twenty twenty six.
Speaker 2 (34:22):
And what are the folks in Rhode Island saying?
Speaker 11 (34:24):
Not surprisingly, they are not happy about it. The Pawtucket
mayor has you know, you know, kind of said that,
you know, we tried everything to try to keep them there.
I mean, they basically offered Hasbro you know, a big
chunk of land for a dollar in Providence. They hired
architects to draw up plans of like what a what
a nice new headquarters to be, but in the end
(34:45):
none of it worked, you know, they I think, you know,
they Hasbro has said that this is for you know,
to accelerate, you know, innovation, the next step of Hasbro.
You know, this is is known as a toy and
game company, but for a while they had TV and
movie interests. They have recently sold off those and they
(35:08):
are kind of trying to refocus on just the toys
and and you know, making toys that people want. And
I think that they're also uh, you know, very much
moving into the digital realm. So I think that the
move to Boston is probably meant to, uh, meant to
really you know, capitalize on on just the talent that
we have here and you know, the people who know
(35:28):
software and and are have an innovative background to try
to you know, make the company a little bit more
modern and you know, in everyone's eyes.
Speaker 3 (35:38):
And on the other headline, Duncan franchise to close Massachusetts
production facility, laying off seventy four workers. Uh. I guess
the site was up in Haveril, and I guess it's
a rather large production facility.
Speaker 11 (35:50):
What happened there, Well, what happened is one of the
one of the big franchises for a franchisees of Duncan Donuts,
it's called GP Management. They own this big production facility
in Harol, and you know, this is where they make
a lot of a lot of the goods that are
shipped to all of these different franchise locations. And they
(36:14):
made a filing with the state that said that we
are going to close this plant and lay off you know,
seventy four people that worked there. They didn't really have
much other explanation there, but it sounded like interesting, and
so obviously reported it. And we heard afterwards finally from
actually Inspire Brands, as a parent company of Dunkin Donuts,
(36:35):
and they said that it's actually related to another manufacturing
plant elsewhere in Harol, and that in the end, a
lot of these seventy four people being laid off are
going to be offered jobs at this new manufacturing plant.
So it might not be quite as bad as it sounded,
but it's but it's still a little bit, you know,
unnerving that you know, one of the big dunkin Donuts
(36:58):
facilities is just shutting down and getting rid of a
lot of people there.
Speaker 2 (37:02):
Well, thank goodness, because New England runs on Duncan and
what would we do? Don very quickly, We're about out
of time here, but very quickly. You guys have been following,
you know, just just craziness all week and now this
next week the FED is going to be meeting. So
(37:24):
what are you guys anticipating might happen there?
Speaker 11 (37:27):
I mean, I think with all of the jobs data,
with all of the inflation data, that they are almost
definitely going to be lowering interest rates. The question is
going to be how much you know, obviously you know, uh,
you know, the president is probably a lobbying for as
big as uh a lowering of the interest rates as possible.
(37:49):
But U so, I don't know. I mean, I like,
I think that will be at least a quarter point.
But you know, I mean, you know, we don't we
don't cover the macro economy quite as closely, but you know,
everybody expects that they're going to lower interest rate and.
Speaker 3 (38:02):
Don The final question that is on everybody's mind at
this point, and everybody's asking this is where is Boston's
blow up nightclub?
Speaker 4 (38:08):
Anyway? Yeah?
Speaker 11 (38:11):
Well this is That's that's an interesting one. I mean,
it just real quickly. The city of Boston mentioned this,
you know, a while over a year ago in an
interview with us, and we checked back up on it,
and you know, to see what's going to happen. A
blow up nightclub is kind of an inflatable bouncy house
kind of thing, and we didn't really get any answers,
but it was made for kind of a fun story.
(38:33):
It's just what is this idea? Where does it come from?
So I urge people to go on to our site
and just just read what's happening with the blow up
nightclub idea.
Speaker 2 (38:44):
All right, he's done. Ciphered from the Boston Business Journal.
Thank you don so much for being a part of
the show this morning.
Speaker 3 (38:50):
Well, a lot of people are thinking about retiring these days,
a silver tsunami. I guess they call it, right, everybody
hitting that magic number. And well, when you do that,
there's one person you want to call, and that'd be
Mike Marshall at Martial Wealth Management. And Mike is on
the phone with us right now. And Mike, you say
that there are seven key areas contained in a comprehensive
(39:10):
wealth management plan. Take us through that exactly.
Speaker 13 (39:13):
Joe and Kim, thanks for having me. I mean, the
message is very simple, Joe. And you know as well
as I do that the old saying fail to plan,
plan to fail. Well. Planning is an essential part of
a successful retirement, not just retirement, but to get to retirement.
The plan has to be done in a comprehensive way,
(39:35):
and it has to be done young so that you
are able to give yourself time to build up the
areas of your wealth that you need bigger as you retire.
For example, I'm going to list the seven key areas
for us and then I'm going to tell you the
impact it can provide investment planning. Obviously, you know, the
impact is it provides the engine for long term wealth
(39:57):
accumulation and retirement income. As I mentioned, you know, it
helps your money work efficiently with diversification, portfolio design and construction,
and then the ongoing monitoring of the account. I can't
tell you how many folks. How many times folks get
into what I call the transition phase of retirement where
they're about to retire, but they forget to adjust their
(40:19):
portfolio in the four one K down six to seven
notches and they're still fully aggressive, and then the market
takes a hit before they retire. Now you know, instead
of having eight hundred thousand in their plan, they've got
six twenty. So it's an essential to be able to
manage and monitor your accounts at all times. Retirement planning,
(40:39):
I mean, the impact is it basically is any type
of retirement plan is going to provide a clear roadmap
for transitioning from you know, living earning your keyp to
living off of your investments and pension, social securities and
other sources. So it really answers that question, will I
have enough to retire? Tax planning pretty often it preserves
(41:01):
more wealth by reducing the tax drag, maximizing after tax returns,
and then ensuring retirement withdrawels are as tax efficient as possible,
so we forget about taxes and retirement. There are clients
I know that are paying more taxes in retirement than
they did when they were working. Why because of their
allocation of assets and their distribution plan. We also have,
(41:25):
obviously the estate plan, which you know Joe and Kim.
I really believe the estate plan is the foundation of
the overall plan. I mean, to think about it. It
provides peace of mind number one, minimize the family conflicts
because everything is on paper, obviously, reduces the state costs.
It ensures that the client's intentions are carried out in
the most efficient and tax efficient way. So that's really
(41:50):
the foundation. Then, of course you've got risk management insurance planning.
I mean, what does insurance do. Just creates financial security
by transferring catastrophic risks to insurance companies and then ensuring
the plan can weather life's uncertainty. So insurance planning is
extremely important. Cash Flow in debt management would be number six.
(42:10):
I mean, it keeps your day to day financial stable.
The cash flow is where things usually go wrong or
right with people's budgets, because the budget really needs to
be flowing in terms of the cash and if it's not,
that's when the credit cards and other you know, equity
lines of credit start to get used, and that's when
people get into trouble. And then finally, if you're a
(42:30):
business owner, you know you want to make sure that
you've got a business transitions, you know, set up smoothly
hopefully to protect family members and employees, and that you know,
you as the owners legacy as a lasting positive impact.
Maybe do some charitable giving, some monthly generational planning, et cetera.
(42:51):
But these these seven key areas are basically what I
would call the foundation of a successful financial life as
a young person. And then obviously as you approach retirement,
it becomes critical the decisions you make.
Speaker 2 (43:07):
Mike Marshall is our guest of Martial Wealth Management. So, Mike,
I realize you say you've got to start young. But
let's say you're somebody in your early fifties and you
haven't gotten started, or you haven't sat down with someone
in Mike Marshall's office.
Speaker 11 (43:21):
Is it too late, No, it's not too late.
Speaker 13 (43:23):
As long as you're alive, you can do your planning.
You know, it's docked again with the estate playing, having
a basic will Durbal Pole of attorney, health care proxy
in place, so that God forbid something happens to you,
you don't leave a mess for your family. And I've
seen it over and over again. And then when you
put the assets and the wealth that's in that person
deceased person's name, you know, and you put all that
(43:46):
in the bucket and try to decipher who gets what
and when they get what. Without a plan, a written plan,
it becomes a very difficult situation for a family to
deal with. And I've seen many families not speak with
each other after walking out of you know, meetings about
you know, their spouses or parents that didn't have a
plan in place. And now the court will decide where
(44:06):
that stuff goes. So a plan and a state plan
is a critical part of your overall plan. But it's
really the foundation as well.
Speaker 3 (44:15):
You know, mikel when we use that phrase silver tsunami,
are you seeing it? I mean in terms of you
you know, people showing up at your office, your phone, ringing,
et cetera, et cetera.
Speaker 13 (44:23):
No doubt about it. They call it, as you said,
the Silver Tsunami, and it's amazing that you know. I'm
born in nineteen sixty four, which is the last year
of the Baby Boomers. But I'm helping all of the
older boomers get their stuff correct and making sure that
they've got a plan in place so that they can
get from the beginning of retirement to the end of retirement,
(44:43):
which these days is lasting anywhere from twenty to twenty
five years. So you know, these other folks too, they
don't think about things like inflation and the impact of
taxes and the impact of probate on assets. So I'm
basically educating clients at a faster rate than we have
in the last i would say twenty years, because of
the age in the Silver Tsunami that you speak of,
(45:06):
where so many people are reaching retirement age in this
country at the same exact time.
Speaker 3 (45:11):
All right, Michael, make sure you take a day off
here and there. All right, he's a He's Mike Marshall
of Martial Wealth Management. Thanks for joining us on the
New England Business Report. Up next, we're gonna be talking
about the future of wind energy in the well Massachusetts
and New England.
Speaker 1 (45:29):
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 8 (45:39):
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Speaker 9 (46:39):
Are you a brother or 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 you
a 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 place,
(47:00):
and neither will you a financial future. My name is
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You don't have to do it alone. There is no
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Speaker 2 (47:43):
Hi everybody, I'm Kim Kerrigan.
Speaker 3 (47:45):
And I'm Joe Shartsley. If you want to be part
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That's any Business Radio all one word at gmail dot
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Speaker 1 (48:11):
The New England Business Report on w RKO is brought
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Speaker 3 (48:17):
Com, and welcome back to the New England Business Report
on this Sunday morning, the fourteenth of September. Another business
headline that boy has been bouncing around and ever changing
has to do with the whole offshore wind and wind
(48:39):
energy in the Northeast and in Massachusetts. And one person
who's been following that closely has been Sabrina Shankman of
The Boston Globe. Taking a look at some of her headlines.
You know, projects blocked, work stopped, funds canceled, what's left
of onshore wind? What's the latest status on wind projects
in the Northeast? And then Sabrina, So thanks for joining us.
On the other head that's popping up out there is
(49:01):
now that the suggestion that these bands could be lifted
if governors in the Northeast decide that they're going to
support natural gas pipeline sort of a compromise. Take us
through this, what's going on in this industry?
Speaker 11 (49:16):
Sure?
Speaker 12 (49:16):
Well, first of all, thanks so much for having me.
Always great to speak with you, and it has been Yeah,
it's been a real wild ride ever since the Trump
administration began, because he started off with an executive order
that put on pause any leasing for offshore wind projects.
So any project that was in progress, which there were
(49:38):
several on the East Coast was basically stopped in its tracks.
And more recently we've seen a real escalation of the
Trump administration's focus on stopping offshore wind with the stop
work order that went to Revolution Wind in Rhode Island
just a couple of weeks ago, a project that was
eighty percent done. And so it's been this big question
(50:00):
of is this energy source that so many states, including Massachusetts,
are really relying on, is it going to be able
to move ahead or will we really be seeing some
lasting repercussions here.
Speaker 2 (50:11):
So, Brittany, is it possible that this is a negotiation
tactic for the from the White House.
Speaker 12 (50:17):
I mean that has been the thought and you know,
concerned since April. Back in April that was when we
saw the first stop work order from the Trump administration
related to offshore when that was to the Empire Wind
project in New York State, which would be the first
to bring off shore wind power to New York City.
And so there was a stop work order and then
a pretty short order. What you saw happen was the
(50:39):
Governor of New York had a several meetings with the
Trump administration and then they came out and the Trump
administration was saying, sounds like, you know, there's more new
openness to this natural gas pipeline that we've long wanted
to see constructed that New York has up until now
been opposed to. Now, Governor Hokal has said that she
(51:00):
did not make any clear kind of quid pro quo agreement,
but that she is open to considering, you know, projects,
And as a result of that, the project, you know,
the stop work order was lifted. So that sort of
set the table for the thinking that it is there
some willingness to trade natural gas for offshore wind especially
(51:25):
in states like Massachusetts and New York and across New England.
You know, there has been this concerted effort to shift
away from fossil fuels and toward renewables. So it is
actually a pretty significant shift.
Speaker 3 (51:38):
Now, I thought that I heard Governor Heally talk about
this issue, that this this possible compromise that that's out there.
Speaker 4 (51:46):
Am I making that up?
Speaker 7 (51:47):
So?
Speaker 12 (51:47):
I think what we've what we've heard from Governor Healey
so far is that she's willing to entertain ideas that
are on the table, that she's willing to hear anybody out.
What we haven't heard is a shift that indicates a
desire to build new fossil fuel infrastructure, like a like
a pipeline.
Speaker 6 (52:07):
You know, that would be a.
Speaker 12 (52:08):
Pretty big shift for her. However, she has said for
a while that you know, our energy security in Massachusetts
requires everything. You know, that we need everything that we
can get, and right now that also includes natural gas.
So it's interesting because she's not clearly saying yes more gas,
(52:30):
she's not clearly saying no more gas. But she does
have a series of policies on the table through her
administration that have.
Speaker 6 (52:38):
Been very clearly moving, you.
Speaker 12 (52:42):
Know, aggressively into renewables and away from fossil fuels. So
I'm not it's it's it's interesting. It seems like there's
a lot of politics that have to get played right
now in order to kind of work with the Trump administration.
Speaker 2 (52:55):
Sabritis Shankman is our guest from the Boston Globe. Sobria,
let's talk about short wind and the importance of that
to We're going to just specifically talk about New England
right now and the impact it has on the economy.
Speaker 12 (53:09):
Sure, I mean, it's a major impact on the economy.
Massachusetts has for years been expecting that offshore wind would
be the big new industry that we had, you know,
whereas other states like a Texas or an Oklahoma, shifting
away from fossil fuels and toward renewables means losing one
industry and gaining a new one. In Massachusetts, it's kind
(53:30):
of all upside because we don't have we're not extracting
oil and gas here though there are people plenty of
people employed by the natural gas industry, but there is
all sorts of new potential with offshore wind, and so
we've seen the build up of port infrastructure in New Bedford.
We've seen the building in Salem, Massachusetts as well. We've
(53:51):
seen all sorts of industries. We've seen lots of union
jobs related to offshore wind. You know, Vineyard Wind has
been under construction for years now, employing many people, and
there was this expectation that several other projects would be
coming right on its heels. So to potentially lose that,
(54:11):
it's more than just about okay, what does this mean
for the grid? These are real people who stand to
lose their jobs.
Speaker 3 (54:20):
Sabrina Shankman's our guest, Sabrina take us through some of
the projects that are out there, the New England wind projects.
Speaker 4 (54:26):
How many different projects are we talking about?
Speaker 6 (54:28):
Sure?
Speaker 12 (54:28):
So here in New England we've been tracking seven projects
which are in varying states of completion, Vineyard Wind being
the farther well Vineyard Wind and Revolution Win being the
farthest along. So Vineyard Wind in Massachusetts is roughly thirty
percent complete as far as we know, based on an
investor report that came out earlier this summer, and that
(54:51):
is the only offer wind project in New England that's
actually already delivering some power to the grid. So some
of the energy you're using could include a fraction of
the power generated from that project. So that's still under construction.
Revolution Wind was eighty percent done. That's in Rhode Island.
That was issued to stop work order. It was supposed
(55:12):
to be online by twenty twenty six. It's counted on
by the regional grid operator as being part of our
energy mix in the future, and so it kind of
raises some questions about where are we going to get
that energy if we're not getting it from Revolution Wind.
Then there are some projects that were not yet under
construction but have now had their permits revoked or remain
(55:34):
on hold because of that Day one executive order that
the Trump administration issued. So that includes New England Wind
one in two, which are big, very sizeable projects that
were projected to be built by twenty twenty nine that
have now been targeted by the Trump administration and had
their permits taken. That also includes South Coast Wind, which
(55:56):
is projected for twenty thirty has also been put on hold.
And the two projects that were much earlier in the
permitting process, that's Vineyard Wind two and Starboard Wind, and
those were both so early in the process they needed
so many permits that once the permitting process went on hold,
they sort of became less part of the conversation because
(56:16):
they were so unlikely that they would proceed during the
Trump administration.
Speaker 3 (56:19):
Right, Okay, well, I'm sure it'll keep you busy over
the next weeks and months. So she used to bring
a shankman to the Boston Globe. We do appreciate you
taking time and joining us this morning on the New
England Business Report.
Speaker 2 (56:30):
All right, Joe, Well that's going to do it for
this edition of the New England Business Report. We're so
glad you could be with us today on this beautiful Sunday,
and we hope that you'll join us again next Sunday
when we're going to have the results of this week's
FED meeting. We'll discuss the impact that that's going to
have here on local businesses. The FED meeting midweek, so
everybody's sort of anticipating that that's coming up right here
(56:51):
Sunday at eight am on the Voice of Boston WRKO
AM six AD
This is the New England Business Report with Joe Shortsleeve
and Kim Carragan, a weekly roundup and discussion of the
top business news impacting our New England economy.
Speaker 2 (00:09):
Good morning everybody, Kim Carragan along with Joe short Sleeve,
and it is great to have you here on the
New England Business Report on this Sunday morning, September fourteenth.
We hope that everybody as well. Here we are in
the last week of summer. I know that that's hard
for everybody, believe a lot of people think it ends
Labor Day, but we've got yet another week of official
(00:30):
summer and then away we go into fall. So Joe,
it looks like we've got a great show, and let's
take a look at what's coming as we head into
the fall. Joe and I were really anxious to talk
with Jim Rooney. He's a president and CEO of the
Boston Chamber of Commerce. We wanted to see what his
members are talking about and get some of Jim's insight
(00:52):
on some of the big issues facing the city, including,
by the way, a discussion about the mayoral contest that's
coming up of course a little more than a month away,
and that certainly has an impact on the business community here,
and we're going to chat with Jim about that. Then
we're going to speak to the co founder of Evolved Technology,
(01:13):
a Neil chet Kara. A. Neil's company, which is located
in Waltham, creates technology that's used to keep public and
private location safe. We have a great pleasure of chatting
with him earlier this summer and he talked about some
of the venues here locally that are his customers, if
you will, the Garden and North Station as well as
(01:35):
as Jillette Stadium. So he is going to join us
to talk a little bit more about some of the
other clients that he has, which Joe I think is
really fascinating because I know FIFA has hired him, you know,
the soccer league with the World Championships coming up. You've
talked about the fact that the company has been hired
(01:55):
for some of the NFL teams, so really spreading their
way right out of Waltham, Massachusetts.
Speaker 3 (02:02):
Yeah, and they represent thirteen pro football teams right now
and they hope to represent more. We'll be talking with
Anil about that as well. And then also we're going
to be joined by Don Seifert, Managing editor of the
Boston Business Journal. And you know, just when you thought
it was a quiet week, boy Arthur T. Demulis gets whacked,
gets fired. That's huge news, and of course he'll bring
(02:25):
us the very latest on that story. Their headlines are
and I guess de Mulis called it market basket CEO
called firing a farcical cover up for a coup. So
that was that's like that became the lead story at
the end of the week. But before that, I mean,
the other story that, of course the BBJ was handling
was this whole idea of Hasbro choosing the Boston Seaport
(02:50):
for a new headquarters. And I know they've been watching
the business community has been watching this decision closely for
well over a year, probably almost two years at this point,
and finally went to Boston's. So the BBJ is all
over that, and I guess obviously they're leaving Rhode Island,
and so Rhode Islanders, the leaders down there in the
state obviously aren't happy, and they are reacting as well
(03:11):
to Hasbro announcing a relocation to Massachusetts. And just when
you thought that wasn't enough, dunkin Donuts, we all love
our Dunkin Donuts, don't we. Well, the Duncan franchise to
close Massachusetts production facility, laying off seventy four workers. I
guess this is just a huge facility in in haveorl
(03:34):
a production facility and out of the nowhere it's shutting down.
So we'll find out exactly what's going on there. And
this is now, this is something I had. It's a
fun headline on the BBJ has to do where is
Boston's blow up nightclub?
Speaker 4 (03:53):
Anyway? I guess there was a promise that we'd have
a blow up nightclub?
Speaker 3 (04:00):
And you know, so the bbj's asking the question, So, Kim,
We've got a lot going on in today's program, that's
for sure. Joining us now is a familiar guest here
on the New England Business Support Jim Rooney, president's CEO
of the Greater Boston Chamber of Commerce. Jim, of course
has his finger on the pulse of all things business
in downtown Boston. We always love checking in with Jim.
(04:21):
See what the climate is downtown, See what's on his plate,
what's on his desk? Jim, thank you very much for
joining the program. And I guess really we start with
the question that's on everybody's mind at this point, and
that is where are you on the Red Sox.
Speaker 5 (04:36):
Ah, I'm positive, you know, although the injury to Rookie
Superstar plated our enthusiasm a little bit.
Speaker 4 (04:49):
But you're all in. But I'm all in.
Speaker 5 (04:51):
You know, it'll be nice to geez. I don't want
to jinx, but it'll be nice to see a couple
of playoff games again.
Speaker 4 (04:57):
It certainly would. It certainly would.
Speaker 6 (05:00):
We won't.
Speaker 2 (05:00):
We won't plan a parade quite yet, Jim.
Speaker 5 (05:02):
But yeah, let's not do that.
Speaker 4 (05:05):
Yeah, okay, And how do you watch them? Jim?
Speaker 3 (05:06):
I'm just curious because we were just talking about the
cost of cable and streaming services and things like that.
Speaker 4 (05:10):
How do you watch the Red Sox?
Speaker 6 (05:13):
Oh?
Speaker 5 (05:14):
I buy whatever, I have to buy it.
Speaker 3 (05:16):
Exactly join the club. We are all just talking about that. Yeah,
all right, let's move on here, sir. If we couldn't
talk about well, what do you see? What's your crystal
ball show?
Speaker 4 (05:25):
You what?
Speaker 3 (05:25):
What's the health of downtown at this point?
Speaker 5 (05:28):
Well, you know, it's pretty stable, I would say. You know,
we're hovering around you know, seventy well down thirty percent
from office visits since July of twenty nineteen in Boston
trailing other cities. You know, interesting what's going on in
(05:49):
New York. New York actually is positive about one percent
in terms of office visits in downtown Manhattan, so that's interesting.
Miami's positive, Atlanta is doing well, but we're down with Boston, Chicago,
(06:09):
San Francisco in the thirty percent, down from pre pandemic.
So it'd be interesting to see, you know, what's going
on in those other places. I suspect that there's more
requirements in place to go back to the office.
Speaker 2 (06:29):
Well, Jim, yeah, I mean my first question, Jim to
that is what's happening here that's keeping people out of
the office.
Speaker 5 (06:35):
Yeah, well, I mean I think there's I think there's
a couple of things, and you know, we've talked about
them before. The transportation and mobility one is when we
talked to our members is always at the top of
the list, both getting into Boston, the commute on public transportation,
the congestion and the highways, but then also when you
(06:58):
get here, just getting around. You know, Boston is a
small city of very walkable city, but you know you
can you can go two miles at the wrong time
of the day, and it will take you thirty to
forty minutes if you take an uber try to drive.
So so I think there's a lot of frustration with that,
(07:19):
and and that's just keeping people wanting to be more
flexible and control of their lives. I think that's top
of the top of the list.
Speaker 7 (07:30):
Uh.
Speaker 3 (07:31):
Jim Rooney is our guest, a CEO, president of the
Greater Boston Chamber of Commerce. In terms, there was an
article in The Globe recently written by John Cesto and
talking about the health of downtown, and I think.
Speaker 4 (07:41):
The bottom line of the article when you got to
the end, sort.
Speaker 3 (07:43):
Of suggests that maybe maybe this is it, Maybe maybe
this is as good as it gets, and that Monday
and Friday are just gonna be deadly dull and downtown.
Speaker 4 (07:54):
Where are you on that?
Speaker 5 (07:56):
Yeah, I think that it's a close still as good
as since kind of get. You know, I think Friday
has become a day that is is quite light. Mondays
bounce back a little bit, and you know, of course Tuesday, Wednesday,
Dursday sometimes feels a little bit more normal like it
used to be. My office is right in the Financial
(08:19):
district and you can see the differences in each of
those days. I do think that with the with the
improvements that have been remarkable over a short period of
time of the Tea in terms of reliability service levels.
We saw the increase in the in the speed on
the Orange Line announced in the last couple of weeks,
(08:41):
I think they'll do better in building up people's confidence
to give them a try. Uh. And the other thing
that's happening on the on the demand side, I guess
is that the employers, we're hearing from them that they've
had policies in place of three or four day in
the office each week, but they weren't as enforced. They
(09:04):
were suggestions, I guess you'd call them.
Speaker 4 (09:08):
Uh.
Speaker 5 (09:08):
What we're hearing from our members is that they intend
to be more forceful about enforcing the return to work.
So I think the numbers are going to go up,
but I think there's there's some new normal that is
not the five day a week, nine to five downtown
Boston that we had before.
Speaker 2 (09:28):
Jim, I know that you try not to be a
political animal, but obviously we've got a race coming up
from mayor. Could one of these two candidates make a
difference in this, whether positive or negative in your eyes
or in the eyes of your members.
Speaker 5 (09:44):
Yeah, we have a race for MAYA. Well you would
hardly know it. Yeah we we poor Josh Gray, Yeah we.
Speaker 6 (09:57):
You know.
Speaker 5 (09:57):
The disappointing thing about the race for may that's going
on is that I have not seen a robust conversation
among the candidates about the issues that are important not
just to the business community but to the residents.
Speaker 6 (10:15):
Uh.
Speaker 5 (10:15):
You know, there's been a lot more conversation about you know,
the personalities and the backgrounds of the people than there
has been about you know, issues of transportation and housing.
You know, sporadically you'll hear something like that, but the
question that you're asking, Kim, really hasn't been brought to
(10:36):
the candidates in a meaningful way that people can assess,
you know, you know, what are you going to do differently?
What's bold and the and the proposals that you have
for issues of transportation and housing and cost of living
and those sorts of things. You know, they mentioned them
as issues, but there really hasn't been any any demonstrations
(11:00):
of what I would describe as meaningful, you know, game
changing kinds of proposals.
Speaker 3 (11:07):
Well, that sort of suggests that the incumbent mayor will
be re elected and her policies were will continue. Is
that is that healthy for downtown?
Speaker 5 (11:17):
Well, there's there's some good things. I'm not sure that
they are I'm not sure that they are are bold enough.
You know, there's a lot of discussion, let me give
you an example, a lot of discussion about bringing more
residents into the downtown and so forth. But that's coupled
with that's coupled with policies that make large scale developments
(11:43):
almost impossible to finance. So you know, on the one hand,
there's a there's a desire to do that. There's some
zoning changes that are under consideration the downtown that would
allow for residential development, but the requirements that go into
(12:03):
building in downtown Boston in the process still makes it
cost prohibitive. So we have to get after that side
of the equation.
Speaker 2 (12:13):
So, Jim, here we go, headed into the last quarter
of the year. Talk a little bit about the confidence
of your members and how they feel about the economy
as a whole.
Speaker 5 (12:23):
Well, generally speaking, I would say that the economy as
a whole, as you put it there there positive. I
think that you see a lot of hesitation and uh,
you know, I've described it as as paralysis in terms
of hiring and capital investment, and you know, let me
(12:45):
give you an example. You know, we asked companies about
over the summer about, you know, what they expect to
what they expect to do in terms of their workforce
and the UH in the next six months, and about
two thirds of them basically said they just plan to
maintain comment levels, and about twenty three percent said that
(13:09):
they anticipate reductions. And some of that's interest rates, some
of that's uncertainty associated with the taists. They just don't
know where to go. And similarly, sixty five percent said
they intend to reduce discretionary spending and that i mean
business travel, that was the number one category of reductions,
(13:31):
but also marketing, about forty percent said they intend to
reduce their marketing budgets. So they're doing okay, but they're
not seeing an economy that warrants additional capital investment in
(13:51):
additional hiring and job growth, and that that comes out
in the job numbers. I mean, you see that the
job numbers both national in the messages. It's a just
pretty flat and we see it locally in the surveys
of our members that you know they say that they
say no, we're not intending to hire, and some are
saying no, you know, we might have to let a
(14:12):
few people go.
Speaker 4 (14:14):
All right. He's Jim Rooney.
Speaker 3 (14:16):
He is the CEO and president of the Greater Boston
Chamber of Commerce and he always tells it like it is.
Thank Jim very much for joining us on the New
England Business Report.
Speaker 1 (14:29):
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 7 (14:43):
It's so much.
Speaker 8 (14:43):
Fun when I'm driving with you everywhere, with everything that
we do. Yeah, it's fun when I'm driving with you.
Speaker 7 (14:54):
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Speaker 9 (15:43):
Are you a brother or 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 you
a retirement nest egg. But now what? Let me help
you break through the nonsense and financial speak so we
can get to the qui questions that are important to you.
As you know, nothing gets built without a set of plans,
(16:04):
and neither will you a 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 or obligation. Call us at eight five seven three
four two ten thirty. That's eight five seven three four
(16:27):
two ten thirty. Well check us out online at Marshallwealth
dot com, Marshall with two els, Marshallwealth dot Com.
Speaker 10 (16:34):
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 Wealth Management and
the above firms are independent and not affiliated.
Speaker 2 (16:47):
Hi, everybody, I'm Kim Kerrigan.
Speaker 3 (16:49):
And I'm Joe Shortestlee. If you want to be part
of the New England Business Report, sponsorships are still available.
Speaker 2 (16:56):
You can email us at any Business Radio at gmail
dot com.
Speaker 3 (17:01):
That's any Business Radio all one word at gmail dot
com and we'll get your business on the show too.
Speaker 2 (17:15):
Welcome back everyone to the New England Business Report. You know,
advanced security detection technology for a safer world is Evolved
Technology Gold and their mission and we had the great
pleasure earlier this summer Joe of having Anil Kara on
the show. He's the co founder of Evolve and you know,
(17:37):
watching our world and knowing you know how important security
in public and private places is at this point, we
thought it would be great to have a Neil back.
It's great to have you, sir. Thank you for joining us.
When you joined us earlier this summer, you chatted about
why it was you started Evolved with your partner, and
we're wondering if you would just shared that story with
(17:58):
our audience again.
Speaker 6 (18:00):
So we started Evolve about twelve years ago because of
two specific events. One was the Boston Marathon on April
fifteenth to twenty thirteen, and I was there at the
marathon with my kids as my wife was running it
and finishing it. We left, but unfortunately a friend of
ours was significantly injured in the attack. As you rewind,
four months before that, it was the Sandy Hook shooting,
(18:22):
and that was the tragedy that we all know too well,
and they were about fifty two mass shootings between those
two events. And what we saw, what Mike and I saw,
was this need to apply the latest technology to help
help security professionals and law enforcement keep us safe, safe
in all those places we are every day. So we
started the company and have built technology that's now fairly
(18:44):
widely deployed and it's being used to do that to
detect and prevent weapons from entering places where they're prohibited.
Speaker 4 (18:49):
Talking with a nail.
Speaker 3 (18:50):
Jitit Car of course, one of the founders of Evolved
Technology there in Waltham, A nailed You know, obviously there's
just been the shooting of A Charlie Kirk in Utah,
but August was also a very violent month. You watch
this happen to us and basically you know, from a
(19:10):
business standpoint, what is the reaction and what was August like?
Speaker 6 (19:14):
Yeah, so let's just first highlight some of the tragedies
that have happened. I do want to briefly mention the
two events this past week, the nine to eleven twenty
fourth Memorials, So that was many lives lost, many families impacted,
and first responders that continued to be affected by that.
So we don't want to forget that. I will never
forget that. And then you mentioned the political violence that
(19:36):
happened on Wednesday as well. In August we saw about
thirty five mass shootings. Then those mass shootings are defined
by four or more victims killed or injured. They include
what some of us have seen, the Nunciation School shooting
in Minnesota, a broken nightclub shooting, the the CDC shooting
(19:57):
in Atlanta, which was not technically a mass shooting, but
certainly was a tragedy for people involved in a shooting
at the Montana Bar. So, these are happening in many
different places and in many different scenarios, and it's unfortunate
that it just continues to happen across the US.
Speaker 3 (20:14):
So and Neil, How do businesses handle these headlines? So
what is it that you're hearing from, you know, the
business community as it relates to these tragedies.
Speaker 6 (20:24):
So the first thing that they do, and when one
of these happens, and they do it sort of usually
in advance, is they do a threat, vulnerability and risk assessment.
So for their specific location, what are the threats? How
what might happen? Might it be a gun and a
shooter coming in, Might it be a vehicle threat that's there,
What are the vulnerabilities that they have, what are the
gaps in their security approaches? And then the risk, what
(20:47):
the likelihod and impact of that happening, and then some
security recommendations to close those gaps. And that threat, vulnerability
and risk assessment may change over time. It's a function
of the location. If there's an event or an entertainment venue.
It might be a function of the person performing that
that night, and certainly for time is the threats change
(21:07):
and so they look at that and then try to
deploy particular security protocols in place to try to minimize
the threat of that happening there.
Speaker 3 (21:15):
So when these things happen, when when the Annunciation School
shooting in Minnesota or the Brooklyn ncub as you sit
there or do your work, I mean, how would things
have been differently if evolved? We're you know, partners in
some of these situations.
Speaker 6 (21:32):
So we are a piece of a security a multi
layered security process. I do not want to ever convey
that we could stop something that's happened, because I believe
that the security professionals try to do the best they
can do with what they have. And so in the future,
as we think about places where firearms may be getting
into places where they have prohibited, we prevent and detect
(21:53):
firearms that are concealed on people where it's on their
body or and beds, and that is one of a
series of different layers that are there. What we've seen
from businesses is there's some basic things that need to
be put in place sort of ahead of that or
as part of that, some businesses are putting armed security
staff in place, certainly the ability to do some threat
intelligence monitoring, and there's specific threats that have borne themselves
(22:16):
out on the location, on the people, on an event
that's happening. That's a key part of a security plan.
And in some cases they'll limit entrances, ingress entrances so
they can have a more control to flow inside. So
there's a basic set of things they do, and then
there's more advanced things. You mentioned the advanced security screening
that's well element to it. Some companies are deploying video
(22:36):
based tools, so there's video based tools that can see
an openly carried firearm that is visible to a video
camera and provide some advanced warning. Those are being deployed
out there. And then there's some response elements as well,
So in the unfortunate event that something happens, there's elements
of response, for example, ballistic glass that can't be shot through,
automatic locking of doors and elevators, or panic buttons and
(22:59):
eye one one notification, so multiple different layers to try
to address and prevent these tragedies.
Speaker 3 (23:06):
Andiel Chikara is our guest with from evolved technology there
in Waltham, and of course the NFL season. I've been
looking at your website as well, and the NFL season
is underway and you currently it looks like, according to
what I've seen on your website, thirteen total pro football
teams are using your systems. Can you talk a little
bit about that.
Speaker 6 (23:25):
We do, so we have worked with the NFL teams.
We've worked with the NBA teams and HL teams, MLB
teams and MLS teams as well, and so those teams
have pretty sophisticated security protocols in place. A number of
them have incorporated the our technology in that so that
they can quickly move fans sort of threw in into
(23:45):
the stadium, but screen all those fans to ensure they're
not carrying concealed weapons inside. And so the technology we've
delved is particularly good to move through, move people through quickly,
but also ensure that the security team can identify those
who might have might have a thread on them. And
where people have focused on the game and the experience
and going there with their friends and family and really
(24:06):
what they're there to do, which is to enjoy themselves
and enjoy their team, whether it's the home team or
the AA.
Speaker 3 (24:12):
Team, and you screen over three million people each day.
Speaker 11 (24:16):
We do so.
Speaker 6 (24:16):
We have about seven thousand of our systems around the
US at sports and entertainment venues, at schools, at hospitals,
at workplaces, and there's about three million people going through
the systems each day in those different locations, and we
look at it as helping those people live the lives
they want to live, go to school, go to a hospital,
focus on their own care or their enjoyment if it's
(24:38):
a sports and enterherent venue, and minimize the hassles, not
force them to take their phones out of their pockets
and stop and put everything in a bucket, but sort
of move right through but for their venue and the
security team let them have confidence that technology is screening
all those people coming through, and if somebody comes through
and might have a thread on them, there's a protocol
(24:59):
in place for them to ensure they don't have a
threat or if they do, to resolve it.
Speaker 3 (25:04):
Heythan Neil chit Kara with the co founder there of
Evolved Technology in Waltham, and we do appreciate you taking
time in joining us today on the New England Business Report.
Speaker 1 (25:19):
Kim and Joe will explore more business news that impacts
our New England economy when they return.
Speaker 8 (25:25):
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Speaker 7 (25:29):
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Speaker 9 (26:26):
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
you a 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,
(26:47):
and neither will your financial future. My name is Mike Marshall,
President and CEO of Marshaal 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 two
(27:10):
ten thirty. Well check us out online at Marshallwealth dot
com Marshall with two l's Marshallwealth dot Com.
Speaker 10 (27:17):
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 Marshal Wealth Management and
the above firms are independent and not affiliated.
Speaker 2 (27:30):
Hi everybody, I'm Kim Kerrigan.
Speaker 3 (27:32):
And I'm Joe Shortsley. If you want to be part
of the New England Business Support, sponsorships are still available.
Speaker 2 (27:39):
You can email us at Any Business Radio at gmail
dot com.
Speaker 3 (27:43):
That's Any Business Radio all one word at gmail dot
com and we'll get your business on the show too.
And welcome back to the New England Business Support on
this Sunday morning, of course, the fourteenth of September, the
final week of summer here.
Speaker 4 (28:06):
And you know, this has becomes sort of a ritual.
Speaker 3 (28:09):
Every year we hear from Apple or every other year
whatever it is, Apple coming out with their new phones.
Apple's iPhone seventeen lineup is out and it includes a
new ultra thin.
Speaker 4 (28:20):
Model and one hundred dollars price hike for the pro model.
Speaker 3 (28:24):
Now you know, of course, and then you look at
it and you go, don't tell me, just please don't
tell me that it's the better camera. And sure enough
it's the first thing they tell you. It's a better
camera with more memory. Oh really, I don't know, Kim,
is this what does it do for you?
Speaker 4 (28:43):
This headline?
Speaker 2 (28:44):
Well, the better camera thing. I mean, you and I've
been laughing about that for years, right, I'm like, how
much better can they get unless they just start, you know,
taking pictures on their own, right, if the camera takes
over and takes its own pictures. I don't know how
much better we need, but I will say that, you know,
the battery life is my issue always. I don't know
(29:06):
about you. It's you know, eventually my battery just starts dying,
whether it's charging.
Speaker 3 (29:11):
Yeah, and it feels like, you know what, they know this,
they know that. But the other headline in the same story,
as the global trade war has compounded Apples challenges. Now
all iPhone seventeen models are expected to be made in
Apple's manufacturing hubs in China and India, exposing them to
some of the White House's tariffs. So, you know, both
(29:34):
the Trump and the US Commerce Secretary have insisted that
iPhones be made in the United States, but the company
says that's unrealistic, and they say that they can't pull
that off. They said if they did try to do that,
they would be tripling the cost of the iPhone current
price from you know, I think around one grand to
three grand.
Speaker 4 (29:53):
So well, Joe.
Speaker 2 (29:55):
Let's continue the conversation about business headlines here in the
New England area with me, editor at the Bust of
Business Journal. Always good to have Don Seiffer with us. Done.
You've been busy, busy, busy there at the journal. Let's
start with this story, the never ending saga of market
basket Boy. This week a big, big headline. RDT demulas
(30:17):
he is out.
Speaker 11 (30:19):
Yeah, not exactly an unexpected one, I guess, but I
think people have been expecting this ever since he was
put on administrative weed in May. Of course, this is
the well known CEO who's you know, very popular with
the twenty thousand employees that worked at the various market
baskets around eastern Massachusetts. You know, the company is one
of the biggest employers in the entire state. And you know,
(30:43):
it came after a couple of days of mediation. There
was no word on what was happening at the mediation,
and suddenly the company just put out the email saying
they had fired RDT. So the reaction was kind of swift,
and you know, we, along with everybody else, jumped on
the story.
Speaker 4 (31:00):
Will Don tell us what uh uh RDT had to
say about this?
Speaker 11 (31:04):
Well, he uh. He said from the very beginning that
you know, I think one of the most memorable coaches
a farcical cover up for a coup, which you know
is is using the board of taking over the company.
I mean, obviously the board you know, is the company
as much as he is. But uh, but you know,
this whole fight seems to have been about that the
board believes that the CEO that r.
Speaker 12 (31:26):
D T.
Speaker 11 (31:27):
Uh, you know, this popular beloved CEO, is basically not
respecting the board authority. I mean, you know, in any corporation,
the board has authority to hire and fire the CEO.
But in this case, Arthur T, they say, kind of
flouts their authority, doesn't really listen to what they say,
doesn't you know, doesn't answer when when they ask for information,
(31:49):
or or you know, doesn't really work with them very much.
That's what they say. Anyways. Uh, you know the RTT,
you know, on his on his side, he's he's always
maintained that he's know that that he respects the board,
that you know that he makes suggestions that of things
that he wants. As far as you know, succession of
the company has been a big question, and you know
(32:09):
he's apparently put forth his kids as as a possibility.
The board says that he has ignored any other possibilities.
So it's I mean, it's it's very much he said,
she said kind of thing. And it's difficult to tell what,
you know, what the real story is in any in any.
Speaker 2 (32:25):
Sense, don do you anticipate that the consumer is going
to see any kind of fallout from this?
Speaker 5 (32:29):
I don't know.
Speaker 11 (32:30):
That's a very open question. I mean a lot of
people are kind of fearing that the company. Of course,
you know, the board has promised from the beginning there's
going to be no changes. We're not going to do anything.
But who knows, I mean, you know, I mean you
would think that Arthur t kind of is, you know,
would be a staunch, you know, pretend defender of the
(32:50):
status quo of market Basket. So with him out, does
it seem more likely that there could be changes?
Speaker 6 (32:56):
You know?
Speaker 11 (32:57):
Yeah, I mean it does seem like they're they're very
well could be. But course, like I said that, you know,
the board and the board chairman has insisted over and
over again, we're not going to make any changes. We're
going to keep the low prices. So it's you know
that is definitely a big fear I think, you know,
with with all shoppers who go to market basket.
Speaker 3 (33:15):
Don Zeifert, managing editor of the Boston Business Journal, is
our cast. Well before you got to the whole market
Basket headline, you know, splashed onto the scene, the other
big story was Hasbro. Now that's the story that you
guys have been watching well over a year. I think
at this point the Boston scene.
Speaker 11 (33:32):
Actually, yeah, it's been exactly you're come to think of it.
We actually broke the news. I can probably say in
September of twenty twenty four, we heard from some real
estate sources that Hasbro was nosing around in the Boston area,
and uh, and you know, and then we got Hasbro
to admit that, yeah, we are, we are possibly looking
for off the space, but they have never committed until
(33:53):
just this past week that they were actually gonna going
to make the move. Obviously, Hasbro is based in Pawtucket,
Rhode Island. It's been there for over a century.
Speaker 6 (34:01):
You know.
Speaker 11 (34:02):
There's a big game and toy story. They own Monopoly,
they own Plato, they own My Little Pony, all of
these well known brands that people grew up with and
at Finally this past week they just pulled the trigger
and said, Yep, we're moving to the seaport. We're going
to have a seven hundred employees there and uh and
it's going to happen in late twenty twenty six.
Speaker 2 (34:22):
And what are the folks in Rhode Island saying?
Speaker 11 (34:24):
Not surprisingly, they are not happy about it. The Pawtucket
mayor has you know, you know, kind of said that,
you know, we tried everything to try to keep them there.
I mean, they basically offered Hasbro you know, a big
chunk of land for a dollar in Providence. They hired
architects to draw up plans of like what a what
a nice new headquarters to be, but in the end
(34:45):
none of it worked, you know, they I think, you know,
they Hasbro has said that this is for you know,
to accelerate, you know, innovation, the next step of Hasbro.
You know, this is is known as a toy and
game company, but for a while they had TV and
movie interests. They have recently sold off those and they
(35:08):
are kind of trying to refocus on just the toys
and and you know, making toys that people want. And
I think that they're also uh, you know, very much
moving into the digital realm. So I think that the
move to Boston is probably meant to, uh, meant to
really you know, capitalize on on just the talent that
we have here and you know, the people who know
(35:28):
software and and are have an innovative background to try
to you know, make the company a little bit more
modern and you know, in everyone's eyes.
Speaker 3 (35:38):
And on the other headline, Duncan franchise to close Massachusetts
production facility, laying off seventy four workers. Uh. I guess
the site was up in Haveril, and I guess it's
a rather large production facility.
Speaker 11 (35:50):
What happened there, Well, what happened is one of the
one of the big franchises for a franchisees of Duncan Donuts,
it's called GP Management. They own this big production facility
in Harol, and you know, this is where they make
a lot of a lot of the goods that are
shipped to all of these different franchise locations. And they
(36:14):
made a filing with the state that said that we
are going to close this plant and lay off you know,
seventy four people that worked there. They didn't really have
much other explanation there, but it sounded like interesting, and
so obviously reported it. And we heard afterwards finally from
actually Inspire Brands, as a parent company of Dunkin Donuts,
(36:35):
and they said that it's actually related to another manufacturing
plant elsewhere in Harol, and that in the end, a
lot of these seventy four people being laid off are
going to be offered jobs at this new manufacturing plant.
So it might not be quite as bad as it sounded,
but it's but it's still a little bit, you know,
unnerving that you know, one of the big dunkin Donuts
(36:58):
facilities is just shutting down and getting rid of a
lot of people there.
Speaker 2 (37:02):
Well, thank goodness, because New England runs on Duncan and
what would we do? Don very quickly, We're about out
of time here, but very quickly. You guys have been following,
you know, just just craziness all week and now this
next week the FED is going to be meeting. So
(37:24):
what are you guys anticipating might happen there?
Speaker 11 (37:27):
I mean, I think with all of the jobs data,
with all of the inflation data, that they are almost
definitely going to be lowering interest rates. The question is
going to be how much you know, obviously you know, uh,
you know, the president is probably a lobbying for as
big as uh a lowering of the interest rates as possible.
(37:49):
But U so, I don't know. I mean, I like,
I think that will be at least a quarter point.
But you know, I mean, you know, we don't we
don't cover the macro economy quite as closely, but you know,
everybody expects that they're going to lower interest rate and.
Speaker 3 (38:02):
Don The final question that is on everybody's mind at
this point, and everybody's asking this is where is Boston's
blow up nightclub?
Speaker 4 (38:08):
Anyway? Yeah?
Speaker 11 (38:11):
Well this is That's that's an interesting one. I mean,
it just real quickly. The city of Boston mentioned this,
you know, a while over a year ago in an
interview with us, and we checked back up on it,
and you know, to see what's going to happen. A
blow up nightclub is kind of an inflatable bouncy house
kind of thing, and we didn't really get any answers,
but it was made for kind of a fun story.
(38:33):
It's just what is this idea? Where does it come from?
So I urge people to go on to our site
and just just read what's happening with the blow up
nightclub idea.
Speaker 2 (38:44):
All right, he's done. Ciphered from the Boston Business Journal.
Thank you don so much for being a part of
the show this morning.
Speaker 3 (38:50):
Well, a lot of people are thinking about retiring these days,
a silver tsunami. I guess they call it, right, everybody
hitting that magic number. And well, when you do that,
there's one person you want to call, and that'd be
Mike Marshall at Martial Wealth Management. And Mike is on
the phone with us right now. And Mike, you say
that there are seven key areas contained in a comprehensive
(39:10):
wealth management plan. Take us through that exactly.
Speaker 13 (39:13):
Joe and Kim, thanks for having me. I mean, the
message is very simple, Joe. And you know as well
as I do that the old saying fail to plan,
plan to fail. Well. Planning is an essential part of
a successful retirement, not just retirement, but to get to retirement.
The plan has to be done in a comprehensive way,
(39:35):
and it has to be done young so that you
are able to give yourself time to build up the
areas of your wealth that you need bigger as you retire.
For example, I'm going to list the seven key areas
for us and then I'm going to tell you the
impact it can provide investment planning. Obviously, you know, the
impact is it provides the engine for long term wealth
(39:57):
accumulation and retirement income. As I mentioned, you know, it
helps your money work efficiently with diversification, portfolio design and construction,
and then the ongoing monitoring of the account. I can't
tell you how many folks. How many times folks get
into what I call the transition phase of retirement where
they're about to retire, but they forget to adjust their
(40:19):
portfolio in the four one K down six to seven
notches and they're still fully aggressive, and then the market
takes a hit before they retire. Now you know, instead
of having eight hundred thousand in their plan, they've got
six twenty. So it's an essential to be able to
manage and monitor your accounts at all times. Retirement planning,
(40:39):
I mean, the impact is it basically is any type
of retirement plan is going to provide a clear roadmap
for transitioning from you know, living earning your keyp to
living off of your investments and pension, social securities and
other sources. So it really answers that question, will I
have enough to retire? Tax planning pretty often it preserves
(41:01):
more wealth by reducing the tax drag, maximizing after tax returns,
and then ensuring retirement withdrawels are as tax efficient as possible,
so we forget about taxes and retirement. There are clients
I know that are paying more taxes in retirement than
they did when they were working. Why because of their
allocation of assets and their distribution plan. We also have,
(41:25):
obviously the estate plan, which you know Joe and Kim.
I really believe the estate plan is the foundation of
the overall plan. I mean, to think about it. It
provides peace of mind number one, minimize the family conflicts
because everything is on paper, obviously, reduces the state costs.
It ensures that the client's intentions are carried out in
the most efficient and tax efficient way. So that's really
(41:50):
the foundation. Then, of course you've got risk management insurance planning.
I mean, what does insurance do. Just creates financial security
by transferring catastrophic risks to insurance companies and then ensuring
the plan can weather life's uncertainty. So insurance planning is
extremely important. Cash Flow in debt management would be number six.
(42:10):
I mean, it keeps your day to day financial stable.
The cash flow is where things usually go wrong or
right with people's budgets, because the budget really needs to
be flowing in terms of the cash and if it's not,
that's when the credit cards and other you know, equity
lines of credit start to get used, and that's when
people get into trouble. And then finally, if you're a
(42:30):
business owner, you know you want to make sure that
you've got a business transitions, you know, set up smoothly
hopefully to protect family members and employees, and that you know,
you as the owners legacy as a lasting positive impact.
Maybe do some charitable giving, some monthly generational planning, et cetera.
(42:51):
But these these seven key areas are basically what I
would call the foundation of a successful financial life as
a young person. And then obviously as you approach retirement,
it becomes critical the decisions you make.
Speaker 2 (43:07):
Mike Marshall is our guest of Martial Wealth Management. So, Mike,
I realize you say you've got to start young. But
let's say you're somebody in your early fifties and you
haven't gotten started, or you haven't sat down with someone
in Mike Marshall's office.
Speaker 11 (43:21):
Is it too late, No, it's not too late.
Speaker 13 (43:23):
As long as you're alive, you can do your planning.
You know, it's docked again with the estate playing, having
a basic will Durbal Pole of attorney, health care proxy
in place, so that God forbid something happens to you,
you don't leave a mess for your family. And I've
seen it over and over again. And then when you
put the assets and the wealth that's in that person
deceased person's name, you know, and you put all that
(43:46):
in the bucket and try to decipher who gets what
and when they get what. Without a plan, a written plan,
it becomes a very difficult situation for a family to
deal with. And I've seen many families not speak with
each other after walking out of you know, meetings about
you know, their spouses or parents that didn't have a
plan in place. And now the court will decide where
(44:06):
that stuff goes. So a plan and a state plan
is a critical part of your overall plan. But it's
really the foundation as well.
Speaker 3 (44:15):
You know, mikel when we use that phrase silver tsunami,
are you seeing it? I mean in terms of you
you know, people showing up at your office, your phone, ringing,
et cetera, et cetera.
Speaker 13 (44:23):
No doubt about it. They call it, as you said,
the Silver Tsunami, and it's amazing that you know. I'm
born in nineteen sixty four, which is the last year
of the Baby Boomers. But I'm helping all of the
older boomers get their stuff correct and making sure that
they've got a plan in place so that they can
get from the beginning of retirement to the end of retirement,
(44:43):
which these days is lasting anywhere from twenty to twenty
five years. So you know, these other folks too, they
don't think about things like inflation and the impact of
taxes and the impact of probate on assets. So I'm
basically educating clients at a faster rate than we have
in the last i would say twenty years, because of
the age in the Silver Tsunami that you speak of,
(45:06):
where so many people are reaching retirement age in this
country at the same exact time.
Speaker 3 (45:11):
All right, Michael, make sure you take a day off
here and there. All right, he's a He's Mike Marshall
of Martial Wealth Management. Thanks for joining us on the
New England Business Report. Up next, we're gonna be talking
about the future of wind energy in the well Massachusetts
and New England.
Speaker 1 (45:29):
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 8 (45:39):
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Speaker 9 (46:39):
Are you a brother or 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 you
a 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 place,
(47:00):
and neither will you a financial future. My name is
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You don't have to do it alone. There is no
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(47:23):
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Speaker 2 (47:43):
Hi everybody, I'm Kim Kerrigan.
Speaker 3 (47:45):
And I'm Joe Shartsley. If you want to be part
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That's any Business Radio all one word at gmail dot
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Speaker 1 (48:11):
The New England Business Report on w RKO is brought
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Speaker 3 (48:17):
Com, and welcome back to the New England Business Report
on this Sunday morning, the fourteenth of September. Another business
headline that boy has been bouncing around and ever changing
has to do with the whole offshore wind and wind
(48:39):
energy in the Northeast and in Massachusetts. And one person
who's been following that closely has been Sabrina Shankman of
The Boston Globe. Taking a look at some of her headlines.
You know, projects blocked, work stopped, funds canceled, what's left
of onshore wind? What's the latest status on wind projects
in the Northeast? And then Sabrina, So thanks for joining us.
On the other head that's popping up out there is
(49:01):
now that the suggestion that these bands could be lifted
if governors in the Northeast decide that they're going to
support natural gas pipeline sort of a compromise. Take us
through this, what's going on in this industry?
Speaker 11 (49:16):
Sure?
Speaker 12 (49:16):
Well, first of all, thanks so much for having me.
Always great to speak with you, and it has been Yeah,
it's been a real wild ride ever since the Trump
administration began, because he started off with an executive order
that put on pause any leasing for offshore wind projects.
So any project that was in progress, which there were
(49:38):
several on the East Coast was basically stopped in its tracks.
And more recently we've seen a real escalation of the
Trump administration's focus on stopping offshore wind with the stop
work order that went to Revolution Wind in Rhode Island
just a couple of weeks ago, a project that was
eighty percent done. And so it's been this big question
(50:00):
of is this energy source that so many states, including Massachusetts,
are really relying on, is it going to be able
to move ahead or will we really be seeing some
lasting repercussions here.
Speaker 2 (50:11):
So, Brittany, is it possible that this is a negotiation
tactic for the from the White House.
Speaker 12 (50:17):
I mean that has been the thought and you know,
concerned since April. Back in April that was when we
saw the first stop work order from the Trump administration
related to offshore when that was to the Empire Wind
project in New York State, which would be the first
to bring off shore wind power to New York City.
And so there was a stop work order and then
a pretty short order. What you saw happen was the
(50:39):
Governor of New York had a several meetings with the
Trump administration and then they came out and the Trump
administration was saying, sounds like, you know, there's more new
openness to this natural gas pipeline that we've long wanted
to see constructed that New York has up until now
been opposed to. Now, Governor Hokal has said that she
(51:00):
did not make any clear kind of quid pro quo agreement,
but that she is open to considering, you know, projects,
And as a result of that, the project, you know,
the stop work order was lifted. So that sort of
set the table for the thinking that it is there
some willingness to trade natural gas for offshore wind especially
(51:25):
in states like Massachusetts and New York and across New England.
You know, there has been this concerted effort to shift
away from fossil fuels and toward renewables. So it is
actually a pretty significant shift.
Speaker 3 (51:38):
Now, I thought that I heard Governor Heally talk about
this issue, that this this possible compromise that that's out there.
Speaker 4 (51:46):
Am I making that up?
Speaker 7 (51:47):
So?
Speaker 12 (51:47):
I think what we've what we've heard from Governor Healey
so far is that she's willing to entertain ideas that
are on the table, that she's willing to hear anybody out.
What we haven't heard is a shift that indicates a
desire to build new fossil fuel infrastructure, like a like
a pipeline.
Speaker 6 (52:07):
You know, that would be a.
Speaker 12 (52:08):
Pretty big shift for her. However, she has said for
a while that you know, our energy security in Massachusetts
requires everything. You know, that we need everything that we
can get, and right now that also includes natural gas.
So it's interesting because she's not clearly saying yes more gas,
(52:30):
she's not clearly saying no more gas. But she does
have a series of policies on the table through her
administration that have.
Speaker 6 (52:38):
Been very clearly moving, you.
Speaker 12 (52:42):
Know, aggressively into renewables and away from fossil fuels. So
I'm not it's it's it's interesting. It seems like there's
a lot of politics that have to get played right
now in order to kind of work with the Trump administration.
Speaker 2 (52:55):
Sabritis Shankman is our guest from the Boston Globe. Sobria,
let's talk about short wind and the importance of that
to We're going to just specifically talk about New England
right now and the impact it has on the economy.
Speaker 12 (53:09):
Sure, I mean, it's a major impact on the economy.
Massachusetts has for years been expecting that offshore wind would
be the big new industry that we had, you know,
whereas other states like a Texas or an Oklahoma, shifting
away from fossil fuels and toward renewables means losing one
industry and gaining a new one. In Massachusetts, it's kind
(53:30):
of all upside because we don't have we're not extracting
oil and gas here though there are people plenty of
people employed by the natural gas industry, but there is
all sorts of new potential with offshore wind, and so
we've seen the build up of port infrastructure in New Bedford.
We've seen the building in Salem, Massachusetts as well. We've
(53:51):
seen all sorts of industries. We've seen lots of union
jobs related to offshore wind. You know, Vineyard Wind has
been under construction for years now, employing many people, and
there was this expectation that several other projects would be
coming right on its heels. So to potentially lose that,
(54:11):
it's more than just about okay, what does this mean
for the grid? These are real people who stand to
lose their jobs.
Speaker 3 (54:20):
Sabrina Shankman's our guest, Sabrina take us through some of
the projects that are out there, the New England wind projects.
Speaker 4 (54:26):
How many different projects are we talking about?
Speaker 6 (54:28):
Sure?
Speaker 12 (54:28):
So here in New England we've been tracking seven projects
which are in varying states of completion, Vineyard Wind being
the farther well Vineyard Wind and Revolution Win being the
farthest along. So Vineyard Wind in Massachusetts is roughly thirty
percent complete as far as we know, based on an
investor report that came out earlier this summer, and that
(54:51):
is the only offer wind project in New England that's
actually already delivering some power to the grid. So some
of the energy you're using could include a fraction of
the power generated from that project. So that's still under construction.
Revolution Wind was eighty percent done. That's in Rhode Island.
That was issued to stop work order. It was supposed
(55:12):
to be online by twenty twenty six. It's counted on
by the regional grid operator as being part of our
energy mix in the future, and so it kind of
raises some questions about where are we going to get
that energy if we're not getting it from Revolution Wind.
Then there are some projects that were not yet under
construction but have now had their permits revoked or remain
(55:34):
on hold because of that Day one executive order that
the Trump administration issued. So that includes New England Wind
one in two, which are big, very sizeable projects that
were projected to be built by twenty twenty nine that
have now been targeted by the Trump administration and had
their permits taken. That also includes South Coast Wind, which
(55:56):
is projected for twenty thirty has also been put on hold.
And the two projects that were much earlier in the
permitting process, that's Vineyard Wind two and Starboard Wind, and
those were both so early in the process they needed
so many permits that once the permitting process went on hold,
they sort of became less part of the conversation because
(56:16):
they were so unlikely that they would proceed during the
Trump administration.
Speaker 3 (56:19):
Right, Okay, well, I'm sure it'll keep you busy over
the next weeks and months. So she used to bring
a shankman to the Boston Globe. We do appreciate you
taking time and joining us this morning on the New
England Business Report.
Speaker 2 (56:30):
All right, Joe, Well that's going to do it for
this edition of the New England Business Report. We're so
glad you could be with us today on this beautiful Sunday,
and we hope that you'll join us again next Sunday
when we're going to have the results of this week's
FED meeting. We'll discuss the impact that that's going to
have here on local businesses. The FED meeting midweek, so
everybody's sort of anticipating that that's coming up right here
(56:51):
Sunday at eight am on the Voice of Boston WRKO
AM six AD
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