Silicon and Steel: AI’s Role in Jobs, Cars, and Communities

On today’s program, we speak with Boston Globe reporter Aaron Pressman about job cuts due to AI. Don Seiffert managing editor of the Boston Business Journal shares this week’s top business headlines. Mike Marshall of Marshall Wealth Management explains business succession planning. The CEO of REVV joins us to talk about AI and car repair shops. And finally, Matt Dunne from the Center on Rural Innovation explains how AI technology is being introduced to rural New England.   

Episode Transcript

Speaker 1 (00:00):
This is the New England Business Report with Joe short
Sleeve and Kim Carragan, a weekly roundup and discussion of
the top business news impacting our New England economy.

Speaker 2 (00:10):
And good morning and welcome to the New England Business Report.
It is Sunday morning. It is July the twentieth. Yes,
for those of you keeping count, fourth of July was
more than two weeks ago.

Speaker 3 (00:21):
Ooh gosh.

Speaker 2 (00:23):
Joe short here with Kim Kerrigan. Kim, we're staring down
August at this point, just about ten days out.

Speaker 3 (00:29):
I'm the calendar.

Speaker 4 (00:30):
I had a good friend who just recently said to
me while we're in the second half of July, and like,
stop stop, let's not talk about the date.

Speaker 3 (00:38):
This is.

Speaker 4 (00:39):
This is you know, the time of year. We don't
talk about the date.

Speaker 2 (00:42):
Yeah, well, summer first, But I mean, how are you
what's the primary thing you're enjoying about summer?

Speaker 4 (00:46):
Kim Kerrigan, Well, I've got to tell you the weather
has been terrific. My kids have been back and forth,
and we've had a lot of company, so it's been
a lot of fun. And August actually is a month
full of all kinds of activities for us. So you know,
I feel like in the summer, and I'm sure Joe
you feel the same way. You have to sort of
get even with work. You have to get a care
free attitude if you can.

Speaker 2 (01:08):
Yeah, you got to relax a little. I love to
swim in the ocean, and I'm down on Cape Cod.
The only thing, you know, I'm not complaining. I'm not complaining.
But the water temperature is already seventy six degrees on
the south side of the cape. I mean, that's that's
getting warm. But that's okay. You know, I'm not okay.

Speaker 5 (01:24):
I like it.

Speaker 2 (01:25):
We are talking about AI today and how it may
or may not take your job. Are you listening. Aaron
Pressman of the Boston Globe, will be along and kim this.
You know, we've seen these headlines, but I don't know.
This one was just sort of buried down there and
I was like, okay, and all of it. I'm looking
at it again and again I go, here's the headline.

(01:46):
AI is already making it harder for some to find
a job, but a CEO and AI firm predicts the
technology will eliminate Listen to this, folks, half of all
white collar jobs. Now, is that the self serving comment maybe,
but nonetheless it caught my attention.

Speaker 3 (02:03):
Kim.

Speaker 4 (02:04):
You know, I got to tell you, Joe early on.
I think common sense told a lot of us that
AI was going to take jobs, and you and I
talked a lot to different CEOs and technicians who were saying, oh, no, no,
it's just going to enhance the workplace. But I think
when Bush comes to show, we're going to see exactly
what we thought and the workplace look up, all right, exactly.

Speaker 2 (02:27):
Tom Ziefer's going to be along too. He's, of course,
the managing editor of the Boston Business Journal, and he
is going to share with us the five business headlines
of the week. You know, remember the pop business. Everybody's saying,
oh my god, that's a gold mine. It's the end
of the rainbow. If you can just get a license
for a retail pot shop. I guess what, not so much,
Not so much.

Speaker 4 (02:48):
People say, that's something that surprised me more than a
lot of things that have happened of late.

Speaker 2 (02:53):
Yeah.

Speaker 4 (02:53):
I did think it would be huge, you know, but there.

Speaker 2 (02:56):
Were just too many, and you know, they're giving back
their licenses. Some of the retail operations are closing up.
Don Seiffert will explain that to us, Kevin, what do
we happen on the second half?

Speaker 4 (03:05):
Well, second half of the show is really great. We're
going to examine the issue of rural New England, the
founder and executive director of the Center on Rural Innovation,
which we launched back in twenty seventeen. His hope at
that point was to reverse the nation's growing rural opportunity
gap and maybe create some you know, economic prosperity for

(03:25):
the people who live in some of these smaller towns.
Well thanks to issues like their accessibility to AI, their
accessibility to dollars because small banks are having such a
hard time, things have been a little rough, and that
gap certainly has not been completely closed.

Speaker 6 (03:41):
So we're going to.

Speaker 2 (03:42):
We all assume, you know, we all have it right,
and that's just not true. It's just not the case.

Speaker 3 (03:46):
That's right.

Speaker 4 (03:47):
Absolutely. We're also going to try out with Mike Marshall today.
He's the president of Marshall Wealth Management. Mike wants to
talk about business's business succession. You know that this is
an interesting issue. How do you pass your business along
right and at what point do you do so that

(04:07):
it's tax beneficial for everybody associated with it, which frequently
is your kids, right, you know, and and yet you know,
maybe you want to get out of it, but you
don't want to be completely out. So he's going to
talk to us a little bit about that.

Speaker 2 (04:20):
And a lot of folks are talking thinking about these
these days. I mean, this is a topic that is
front and center. I mean, this generation is aging, you know,
it's silver tsunami, and everybody is looking to pass on
their business and or their wealth.

Speaker 4 (04:31):
Absolutely they are. Finally, we're going to go back to
the issue of AI. You set off the top. We're
going to talk about AI quite a bit today. We're
going to be talking about AI associated with your cars.
You know, all the sensors that we have now in
our cars. You know, the car knows if you're going
right left. You know, it's keeping you mind, keeps me
in the road, which is well, the problem is that

(04:52):
you know, my car probably has different sensors than your
car has, and when we take it to a mechanic
or we take it to a body shop, they need
some max as to that AI. So we're going to
talk to the CEO of a company that is bringing
all of that information together to make life a little
bit better for these repair shops.

Speaker 2 (05:08):
I'm sure that the AI in your car is much
more polite than in my car. I'm sure it's like, Kerrigan,
if you have a moment, could you please change the oil.

Speaker 4 (05:16):
My favorite part is that Siri now goes.

Speaker 7 (05:21):
Kim.

Speaker 2 (05:22):
Let's bring in the first guest of the program on
this Sunday morning. That's Aaron Pressman of the Boston Globe.
And you know we're always hunting around for great business stories. Well,
this headline is sort of I thought it was great,
and I think you know a lot of people take
this for granted at this point. But here's the headline.
AI is already making it harder for some to find
a job, right, Okay, we all know that. But this

(05:42):
second headline, CEO of AI firm predicts the technology will
eliminate half of all white collar jobs. Now, come on, Aaron,
tell us what's going on here.

Speaker 5 (05:52):
Well, I think we need to caveat this by saying
that a lot of the people who are predicting this
disaster for jobs may have a big interest in predicting that.
But this is Dario Amodi, who's the CEO of Anthropic,
the California company behind Claude, which is sort of a
chat Chept competitor. And one of the things he's saying

(06:12):
is that Claude is increasingly being able to write and
analyze and understand things. And a lot of jobs in
the white collar market are about writing things and understanding things, analyzing,
summarizing all kinds of middle management things. So I think
there is something to that. And then you have like
Andy Jassey, the CEO of Amazon, a big Boston employer,

(06:33):
saying that they were planning to reduce their corporate workforce
because of AI. So there are these predictions out there.

Speaker 4 (06:41):
It's really interesting because Joe and I have had these
conversations with folks in the past, and you know, both
of us were sort of predicting that this would take jobs,
and people say, oh no, no, AI is just here
to enhance what it is we already have. But it
feels like to me the first people who might really
suffer from this would be like college students coming out,
you know, those those beginner those starter jobs if you will,

(07:05):
that maybe could be picked up by AI pretty quickly.

Speaker 5 (07:08):
That's exactly right. And if you're looking for real hard evidence,
Oxford Economics did a report recently, and they said that
the unemployment rate for recent college graduates, which I believe
is people like twenty three to twenty seven, is higher
than the national unemployment rate, just a tick higher for
the first time ever in their history of looking back
at the data. And a lot of the reason is,

(07:30):
if you look deeper in the data, is because those
college grads who majored in computer science and programming are
having a harder time getting a job. And that seems
to be this first tip of the iceberg that entry
level people and computer programming maybe are suffering from AI.
Now there's an alternate theory which some people have proposed,

(07:52):
which is that there was a lot of over hiring
of programmers during the beginning of COVID, and that's why
people like Amazon are saying it's but it's a cover
to reduce their hiring that they over hired during COVID.

Speaker 2 (08:05):
So Aaron, throughout all this, I mean, if you look
at this, is there any alarright. I'm a college student,
Okay'm in my senior year at this point, I'm about
to graduate. I'm gonna be looking for a job. How
should I be shifting my thinking?

Speaker 5 (08:18):
Well, I think one of the big ideas I talked
to some skills and retraining people is to become facile
with the AI tools. There are a lot of AI
tools specifically for programming, and so the one theory, one idea,
one strategy is that become an expert at using AI
so that you will be able to take those jobs

(08:38):
where AI can enhance what's going on. You know, it
used to be that people in college studied particular programming
languages like Java or Python, and those tastes change in
the programming world, and so maybe their skills were outmoded,
and so it could be a similar transition here where
if you learn how to use these AI coding tools,
you'll be super productive and you will get the fewer jobs.

(08:59):
You will be the one in front of the line.

Speaker 4 (09:02):
But ultimately, Aaron, I mean, AI is not a human
and people and businesses need that human touch. You talked
about middle management. It feels like to me, when you
start to get into middle management and up, these are
jobs that need to touch people.

Speaker 5 (09:20):
Kim, that's absolutely true. But let's say you know, I
have X number of employees and I need five middle managers,
and part of what those middle managers are doing every
day is filling out reports, summarizing spreadsheets, doing a lot
of busy work. If I make those five managers twenty
percent more efficient with AI, I suddenly only need four

(09:40):
middle managers. Right. Some of it is the people part
and some of it is less.

Speaker 3 (09:43):
So the people who.

Speaker 5 (09:44):
Are studying this are also looking at other fields like
people who answer the phone and call centers, graphic designers,
where the AI maybe can even replace a lot more
than twenty percent of their job.

Speaker 2 (09:59):
Talking with Aaron impressman of the Boston Globe, you know, Aaron,
As reporters, we never like talking about ourselves, right, Okay,
But nonetheless I want to ask you because I mean
the Globe, you know, as a perfect example, and we say.

Speaker 3 (10:12):
Okay, can AI write the.

Speaker 2 (10:14):
News stories of the day, How is AI impacting the
globe or how are you protecting against losing you know,
you know, entry level writers.

Speaker 3 (10:25):
Well, I think the.

Speaker 5 (10:26):
Big issue with AI right now is that it's not
dependably accurate. It still hallucinates, it still makes things up,
particularly when it's sort of unbounded and trying to incorporate
things about the real world. You know, it's not just
focused on a narrow little computer program that it's not
reliable yet, so I think in the news industry most

(10:46):
almost all outlets, including the Globe, are not allowing AI
to write anything that appears before readers. It is sort
of a good search tool. I don't know if you've
heard of Perplexity, but that is an AI enhanced search tool,
and I definitely think for research. It is helping reporters
at the Globe and elsewhere find things on the Internet

(11:07):
more quickly, find things within big documents more quickly. But
it isn't yet replacing writing. Now, I'll throw the question
back at you. I was using Google's notebook LM recently.
You throw a bunch of documents in there, and not
only can it summarize them, it can make a podcast
conversation between two different voices. It was frightening about the stuff.

Speaker 2 (11:29):
I listened to it and I couldn't believe it. I
was absolutely shocked. It was a talk show just like this,
two phantom voices going back and forth, and I, you
know what, Yeah, no, I agree with you. I think
that you know, Kim, you've pointed out that AI can't
you know, bring you right down to the personal level.
Can't you know, maybe talk about you know, the Boston

(11:49):
politics in a way where I sat down with Tom
Dondo and I did X, Y and Z. Therein lies
a difference, right, Kim, I.

Speaker 4 (11:57):
Would think so absolutely. By the way, Spotify had that
zac same thing at the end of the year, and
it talked about my listening habits and it was two
people talking about it, and that was Ai, which was
really frightening because then it had stats about me, which
is so strange. No, right, the personal touch is what
I think and really feels like it would be missing
in a lot of jobs. Aaron, you've talked about the

(12:18):
idea of you know, those who code, and we've talked
a little bit about some of these jobs that might
be in danger. What are some other areas you mentioned?
You know a few, but are there other areas that
really are going to have to shift their way of
thinking if you're a young person looking for a job.

Speaker 5 (12:36):
A huge one is advertising. I don't know if you
heard recently Mark Zuckerberg has been talking about this idea
that if you have something to sell on Facebook or
on WhatsApp, you won't need to create an ad anymore.
You will just offer the product and kind of say
how much you want to sell and what price, and
the AI will figure out on its own among the

(12:56):
billions of users of Facebook who might be likely to
want this product, and how to write an advertisement to
pitch it to them, maybe even with video and audio.
We've seen these mind blowing videos that the AI can
do now too, So I think the advertising industry is
in for a big shock. And you had your finger
on something about that Spotify podcast. It's so personal right

(13:21):
that AI. We can run these billions of AI to
meet the billions of people in the world and personalize
a lot of things. It sounds a little dystopian, I
think in some science fiction movies where there's like personal
ads for every single person, But that may be where
we're going. So I think advertising is another big area.

Speaker 2 (13:39):
Well, you touched on it earlier too. You said talk
about AI often makes things up. I think that is
a frightening part of this that you know who's watching
out for that. You say at the globe, you're watching
out for it, but you know where else in society
are we watching out for these errors?

Speaker 5 (13:56):
I think this is clearly sort of a giant risk
for our society going forward, and there needs to be
more attention paid to this and some more energy and
resources devoted to this issue because bad actors, people in
other countries, political parties maybe that are unethical, are already

(14:17):
criminals are already using these tools to create misinformation where
they don't care that it's wrong or it's purposely wrong,
to click to fool you into allowing malware onto your computer,
to voting for a different candidate, to supporting policies that
maybe are not supportive of our country but another country.

(14:37):
We're seeing all these examples. Of course, you've heard about
the one where AI imitated the voice of a CEO
and told someone to make a wire transfer of a
large amount of money to a specific bank account. So
we are way behind on the risk side of this,
and there needs to be some more attention and effort there,
maybe from the government, maybe from the private sector, from

(14:57):
cybersecurity companies. That is a big risk that you might do.

Speaker 2 (15:00):
I'm sure you'll be writing about it soon in the
Boston Globe. He is Aaron Pressman. We do appreciate you
joining us this morning on the New England Business Report.
Up next, we're going to be talking with Don Seifert,
the managing editor of the Boston Business Journal.

Speaker 1 (15:13):
Kim and Joe will explore more business news that impacts
our New England economy when they return.

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Speaker 4 (17:32):
Hi everybody, I'm Kim Kerrigan.

Speaker 2 (17:34):
And I'm Joe Shortsley. If you want to be part
of the New England Business Report, sponsorships are still available.

Speaker 4 (17:41):
You can email us at any business radio at gmail
dot com.

Speaker 2 (17:46):
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.

Speaker 5 (17:59):
Uh.

Speaker 2 (18:00):
In this program, we go through the business headlines of
the week, and who do we do that with none
other than the Boston Business Journal. This morning, we're joined
by their managing editor Don Seifert. Don, thank you very
much for joining the program this morning, and you have
some very interesting headlines this week across the state and
across New England. This one cannabis business closures accelerate in

(18:24):
Massachusetts as twenty three surrender or let licenses expire. You know,
I can remember when cannabis was going to be legalized.
Everybody said, oh my, it's a pot of gold at
the end of the rainbow.

Speaker 4 (18:36):
Bent yeah, no pun intended, right, Yes, not so.

Speaker 6 (18:41):
Right, Don, Yeah, I mean, I mean that's what we
all thought. And I thought it was interesting that this
is nine years now, right after this fall was going
to be nine years after the vote. That ballot question included,
you know, like you know that there would be some
kind of you know, all these provisions for the business,
one of which that there was going to be a
social consumption rules like you know that cannabis cafes could exist,

(19:07):
which keep that in mind for a minute. The text
of the article is basically just exactly as you said.
I mean, more cannabis businesses are surrendering their license, which
sometimes means that they're closing. Sometimes it means they're shrinking, because
sometimes businesses have more than one license, But either way,
the number of businesses that are surrendering the licenses has

(19:27):
gone up over the last couple of years. You know,
it's for the first five and a half months of
this year, it was more than all of last year,
and then last year was even more than the year before.
So it's kind of, you know, been an ongoing slow
kind of plateau or I guess, I don't know what
you'd call it for the cannabis industry, which yeah, everybody

(19:48):
thought was going to be a huge money maker, but
it's really hit a lot more problems than I think
most people suggest expected.

Speaker 4 (19:55):
So what do you think those problems are. I mean,
I think I could name a few of them, one
of them being you know, host cities are charging a
lot of money for some of these you know, little
private dispensaries. But what are some of the other. Do
you know things that are pushing these guys out of business.

Speaker 6 (20:11):
Yeah, I mean that that's a big one. The host
host community agreements. As part of this original law, everybody
thought that, you know, there's going to cause all the
wave of crime, and so in order to combat that,
they were going to pay extra taxes to the to
the city or town and then and then you know
that that would go to extra police presence. Turned out
that's not really needed. A lot of a lot of

(20:33):
cities and towns have stopped charging those all together, but
not all of them. I mean, obviously it's a it's
a way of making money for a lot of municipalities
that need it. So that is one. The price of
cannabis has has uh has gone down a lot. I
think there's so much competition that just the sheer price
of it has really decreased. I'm not sure that there's

(20:54):
the demand that people were really thinking that there was
going to be for it. I mean, you know, I
I you know, I think that there's a lot of
interest in the beginning, but you know, maybe not as
many people are smoking pot as everybody thought was going
to be smoking pot, which is maybe also why there
isn't the police needed.

Speaker 2 (21:10):
Talking with Don Zeifert, managing out of the Boston Business Journal,
you said cannabis cafes. Think you said you hold on
to that for a moment. What's going on with cannabis cafes?

Speaker 6 (21:19):
Well, nothing, and that's the problem. The Cannabis Control Commission
has really been dragging its feet on creating the regulations
that would allow these to exist. So we still don't
have it. You know, this was promised in the ballot question.
You know, that would be yet another revenue stream that
you would think that cannabis companies would take advantage of.
And you know, nine years later, it still has not

(21:39):
come to fruition. So there's a lot of problems that
these companies are facing.

Speaker 4 (21:43):
Yeah, interesting story to say the lease. Let's change gears
just a bit. You guys wrote a story about Boston
lab leases. Now you guys are saying that they've doubled
in the second quarter, but that they're sort of moving
out of these urban areas.

Speaker 6 (21:57):
Yeah. Yeah, that's a big deal because in you know,
in COVID times, everybody that was developing an office building
pivoted to uh building a lab building, and so you know,
and they and they figured, you know, this is the
this is the hub of drug development. There's always going
to be a demand for for lab space. So now
you know, several years later, we have all this lab

(22:19):
on the market, and and the biotech industry has really
hit the skits. That's been to a bunch of different
a bunch of different reasons, you know, recently, you know,
I mean, I don't think this is the only cause.
But obviously the cuts and i H funding have have
not helped. But so so biotech has has not been
leasing as much as it used to. And basically, you know,

(22:40):
we just did a story a couple of months ago
about all of this empty lab space and lefty empty
lab buildings that have been sitting around Boston, and so
uh so this story is finally some good news, you know,
hopefully for the industry, both the real estate industry and
for the biotech industry, and that labs have really grown.
As you said, it's it's kind of moving out from

(23:01):
Boston into the into the suburbs. I'm not really sure
what the reason is for that. I mean, that's but
you know, Waltham, Newton, you know, some of these places
that are outside of Boston and Cambridge, you know, especially
Kendall Square is still you know, kind of the hub,
but that's that's generally been filled up. So so I
think a lot of a lot of lab companies, biotech

(23:22):
companies are really moving out from the from the center.
We'll have to see over the course of the year
whether that continues in the next couple of quarters.

Speaker 2 (23:28):
The expression putting lipstick on a peg, I mean, I'm
curious in terms of good news, yea lab least is double.
Yet you read a little deeper into Hannah green story
there and it basically says, you know, vacancy rates are
up around thirty two. So which is this story good
news or bad news?

Speaker 6 (23:43):
Well, I mean it's it's definitely good news compared to
compared to you know, the last few months. But but yeah,
it's a big turnaround from what from what Boston's used
to as of the last few years, in the last decade,
when we when you couldn't build enough lab space and
you know, it was always being filled, you know. I mean, yeah,
there's there's a lot of problems. I mean, tariffs are
one problem that drug drug makers are facing, and that's

(24:05):
still facing a lot of uncertainty. You don't know how
much it's going to cost to bring drugs into the country.
There's nah grants cuts, so a lot of uncertainty around
the whole industry, which I think is causing is causing
this cutback.

Speaker 4 (24:19):
Yeah, really scary too because building out that lab space
I remember when this was such a boom, is expensive
to build it out. That was really you know, so.

Speaker 6 (24:27):
Now they got all this labs any like high tech
HVAC and all this other stuff.

Speaker 7 (24:32):
Yeah.

Speaker 4 (24:32):
Absolutely. You guys did a story about the fact that
state mental health care workers they were about to be
laid off, which was scaring a whole lot of people
because there's not not many of them anyway in the
state and you need everyone you can get that has
been averted. How did that happen?

Speaker 6 (24:49):
Well it uh, I mean it's it's a bit of
a mystery still about this whole thing, at least I
consider it, like it's almost six months to the day
when when I guess, uh, the Department Mental Health found
out that half of the caseworkers. These are the people
who work directly with clients, and you know, the people
who work with the departmental health, they are the most
vulnerable in the state. I mean, you know, people who

(25:10):
can't afford you know, other mental health health, they fall
to departmental health. And you know, caseworkers are the frontline
workers for these people. And the state said that we
were going to lay off half of them. You know,
there was three hundred and forty in the state. They
were going to lay off one hundred and seventy. Never
really explained exactly why or what the plan was. And

(25:31):
the union had spent months fighting this, you know, holding
rallies and you know, trying to lobby legislators. In fact,
you know, during the budget negotiations, you know, both the
House and the Senate, different lawmakers you know, put amendments
on saying like you know, the House said, you know,
we won't cut these at all. The Senate put on

(25:51):
some kind of amendments saying that they have to give
ninety day notice. Neither of those really made it into
the final budget, but you could tell that lawmarker lawmakers
weren't really on board with the idea. In the background,
this negotiation between the union and the state was going on,
and then on Tuesday, it just it was announced that
that they said they had an agreement whereby the deven

(26:14):
Department of Mental Health employees are all going to have
to go back to the office five days a week,
but in return, none of them are going to be
laid off. Still, really haven't heard from the state on
you know, they talked about they you know, part of
the reason that they were doing this is they wanted
to like create this open access model. Haven't heard anything
about what that is or how that's related to this.

(26:34):
But yeah, I mean a lot of people are at
least happy that the department, the caseworkers are not going
to be laid off because again, you know that you know,
there's like three thousand, over three thousand people who depend
on these caseworkers, and there was really no clear plan
of what was going to happen with those.

Speaker 2 (26:50):
All Right, He's Don Seiffer and he's the managing editor
of the Boston Business Journal. We do appreciate you joining
us this morning on the New England Business Report. Up next,
we're going to talk about your local repair shop.

Speaker 8 (27:00):
And the AFI.

Speaker 1 (27:03):
Kim and Joe will explore more business news that impacts
our New England economy.

Speaker 12 (27:07):
When they return, Love goes Long Long introducing the twenty
twenty five Subaru Orester Hybrid featuring and all new hybrid

(27:28):
powertrain and suber Us Trusted symmetrical all wheel drive explore
up to five hundred and eighty one miles on a
single tank, and our most fuel efficient Forester ever with
a self charging battery for uninterrupted adventure.

Speaker 8 (27:43):
He goes long, long, enjoying more efficiency, more value, and
more performance, all with lower emissions.

Speaker 10 (27:51):
A Little Love Goes a Long Way in the.

Speaker 8 (27:53):
Subaru Forester Hybrid starting at thirty four to nine ninety
five four.

Speaker 10 (27:57):
Complete details and to learn more about the.

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Twenty twenty five Forrester or Hybrid, visit super Lovenew England
dot com.

Speaker 4 (28:05):
Love Alway, A.

Speaker 13 (28:08):
Little Love goes a long way, Long Alway.

Speaker 9 (28:18):
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Boston's local trade unions and finally thinking about getting ready
to hang up your tools after thirty five years of
working your tailoff? Congratulations, you worked hard to build your
retirement nest egg. But now what Let me help you
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(28:39):
and neither will you a financial future. My name is
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Advisory services offer through Capital Analysts or Linkel Investment Registered
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the above firms are independent and not affiliated.

Speaker 4 (29:23):
Hi everybody, I'm Kim Kerrigan.

Speaker 2 (29:25):
And I'm Joe Shortsleeve. If you want to be part
of the New England Business Report, sponsorships are still available.

Speaker 4 (29:32):
You can email us at Any Business Radio at gmail
dot com.

Speaker 2 (29:37):
That's Any Business Radio All one word at gmail dot
com and we'll get your business on the show too.

Speaker 4 (29:48):
Welcome back every one of the New England Business Report.
Great to have you along on this Sunday morning. I'm
Kim Karrigan along with Joe Shortsleeve and this is the
part of the show where we like to talk about
a headline that maybe you missed this week, and Joe,
this is one I think is really interesting. Of known
of this for a lot of years. Up in New Hampshire,

(30:09):
Ski Mountain is retiring its historic tram with a plan
to replace it. I did not realize this, but the.

Speaker 2 (30:17):
Tram skiing already.

Speaker 4 (30:19):
Yeah, we said we're midway.

Speaker 2 (30:22):
Please excuse her.

Speaker 4 (30:24):
Actually, I'm thinking about how I cannot believe that I've
gotten on this tram. Of lady, if you have to
take a tram down because it's aged out, you kind
of go, hmmm, should I have been on that tram?
It's there at Cannon Mountain. It has been in service
for forty five years.

Speaker 2 (30:42):
Yeah, time, it is a long time, right time to go?

Speaker 7 (30:45):
Yeah?

Speaker 12 (30:46):
Uh?

Speaker 4 (30:46):
It's an eighty passenger train tram which the last time
I was on that, which would have been two winters ago.
I do have to tell you that when I got
on that thing was so packed we were like sardines,
and I thinking to myself, Wow, this is really tight.

Speaker 3 (31:01):
Is this really what?

Speaker 4 (31:02):
We want, so twenty seven million dollars plus they have
secured up there with a house bill in New Hampshire.
They are gonna take that baby down. As they said
at the Mountain. She has aged gracefully. Okay, well I
don't know about that, but they're taking it down and
the plan is to put another one there in that

(31:23):
same area. This one was based on a tram that
came out of Switzerland, which was kind of cool. But
they're planning to put another one in there, so don't
be sad. It will eventually be replaced. But she has
aged gray gracefully and it's time for her to bow out.

Speaker 2 (31:45):
All right, We're gonna continue our conversations this Sunday morning
about AI and the different places it is happening and
impacting people's lives. We're gonna bring in Matt Dunn. He's
the founder and executive director of the Center on Rural Innovation,
which he launched in twenty seventeen in order to reverse
the nation's growing rural opportunity gap. Basically, you know, we

(32:08):
all take for granted that everybody has access to AI,
but that is not the case. So Matt, tell us,
tell us about your company. I know it's Corey or
Center on Rural Innovation.

Speaker 7 (32:21):
Sure, So, the Center of Rural Innovation is a social
enterprise that's working with forty communities across the country to
help build the economies of the future. Our focus has
been on helping those regions to be able to start

(32:41):
technology companies and to allow for folks who are under
employed in rural places to be able to build tech
careers for themselves and sometimes become entrepreneurs as well. We've
been at this since twenty seventeen and it's based on
the the premise that in the age of the Internet,

(33:02):
there should be no limit to where scalable tech companies
and aspiring technologists can thrive.

Speaker 4 (33:08):
Man, I know that your organization recently conducted a survey
and you've got some numbers, some research numbers. Give us
an idea of those numbers and how maybe behind rural
New England is as compared to downtown Boston.

Speaker 7 (33:25):
The challenge on a national basis is that rural America
represents twelve percent of the nation's workforce, but only five
percent of the computer and math jobs.

Speaker 3 (33:35):
And you can see that across the.

Speaker 7 (33:37):
Nation, and it's true for states as well as at
a national basis. So our goal is to try to
close that gap as quickly as possible, because you see
it in reflecting in salary differentials, but also involves creation.

(34:00):
If less than one percent of all venture capitals going
to world zip codes, you're not going to see the
kinds of startups that create that wealth that can help
transform communities.

Speaker 3 (34:11):
Allow for more dollars.

Speaker 7 (34:14):
To be circulating, and for a region to be successful.
In Massachusetts, I think it's particularly particularly stark because you've
got the Boston area having outsized technology success as one
of the main tech hubs in the country, but if

(34:37):
you get into the western parts of Massachusetts, you don't
see that value being extended. There's just no reason why
that it shouldn't happen, especially as broadband is expanded to
the western part of the state.

Speaker 2 (34:54):
Matt duns Our guest, founder and executive director of the
Center on Rural Innovation, Matt, if you could give us
our four instance or a success story as it relates
to what you do.

Speaker 7 (35:05):
So what we've been able to do is help communities
who have already said yes, we want to be able
to build a tech economy that's successful and generates these
kinds of high paying jobs and both creating startups, and
we help them with a strategic plan, understand the assets
that they have and the resources that they could unlock

(35:30):
for their community, and then secure the funding to be
able to stand up a tech accelerator or tech talent
development program or both, and then increasingly having the places
and spaces to allow that community of technologists to get
together to share ideas and to generate new ones. So

(35:52):
that's the work that we do. You know, you look
at a place like Waterville Main in rural main that
has Colby College nearby, but there hadn't been a lot
of cross pollination between the undergraduate focused institution of higher

(36:14):
education and downtown Waterville, but the leadership of both the
college and the economic development community in Waterville decided to
find that bridge to build an innovation hub, and then
we've helped them to secure resources that they can support
entrepreneurs who are in the region to bring their ideas

(36:37):
to market. And you're seeing an increasing number of those
companies that are launching as part of the Durango Labs
organization and be a part of the revitalization of downtown Waterville.

Speaker 4 (36:53):
Matt It seems like the infrastructure may have been what
held up this kind of progress in the past, like
now in many rural areas that infrastructure exists, is there
something else that's holding it up.

Speaker 7 (37:07):
The hardest part of the problem, and this isn't something
that I was anticipating, but it's it's the narrative. It's
the belief that for some reason, if you live in
a rural place, you can't code, or that if you
want to start a company, you've got to move to
Kendall's Square or downtown Palo Alto. And that hasn't been

(37:29):
the case for a long time, right, There's there's lots
of opportunities for folks to be able to build companies,
and with AI increasingly smaller teams can bring those ideas
to market. But that narrative persists that people believe that
that can't happen in a rural place.

Speaker 3 (37:48):
That's certainly true for folks who.

Speaker 7 (37:50):
Are doing investing or writing, you know, business cases at
business schools unfortunate, and it's also seeped into how folks
in rural places perceive themselves and the potential. Not everyone, fortunately,

(38:11):
but it becomes this.

Speaker 14 (38:14):
View that somehow, if.

Speaker 7 (38:15):
You live in a rural place, you have to be
satisfied with doing work and jobs that can't scale and
that you need to leave the place that you love
in order to have that kind of aspirational career. So
we use case studies and videos and just sharing the
things that are happening across the forty communities that are

(38:38):
in the Royal Innovation Network to change that narrative.

Speaker 3 (38:42):
And I would say that that's the biggest challenge we
have out there.

Speaker 2 (38:46):
And Matt, how do people find you? If they're looking
for you, you can.

Speaker 7 (38:48):
Go online to World Innovation dot us to be able
to learn more about a work the Royal Innovation Network
and the types of transformational activities that are being undertaken
by rural leaders. We also have a conference that's coming

(39:09):
up in Massachusetts, are annual National Conference, which is going
to be taking place at MassMOCA in North Adams, Massachusetts
on September tenth, and there's more information on our website
about that conference, and it's going to be diving straight
into the future of rural innovation in the era of AI,

(39:32):
because again we're actually really bullish about what AI can
mean for rural founders and their ability to stand up
companies with smaller teams as well as technologists and aren't
surrounded by institutions of higher education or programming boot camps

(39:52):
to be able, to be superpowered and to take on
technology jobs with their tenacity, grit and lived experience.

Speaker 2 (40:00):
All right, He's Matt Dunn. He's the founder and executive
director the Center on Rural Innovation. Thank you for joining
us on the New England Business Report.

Speaker 1 (40:07):
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 (40:17):
A Little Love he goes long, Long, introducing the twenty
twenty five Subaru Orster Hybrid, featuring and all new hybrid
power training and Subaru's trusted symmetrical all wheel drive explore
up to five hundred and eighty one miles on a
single tank, and our most fuel efficient Forester ever with
a self charging battery for uninterrupted adventure. He goes long, long,

(40:44):
enjoying more efficiency, more value, and more performance, all with
lower emissions.

Speaker 10 (40:49):
A Little Love goes a Long Way.

Speaker 8 (40:51):
In the Subaru Forester Hybrid starting at thirty four to
nine ninety five. For complete details and to learn more
about the twenty twenty five Worster Hybrid. Visit super Love
New England dot com.

Speaker 13 (41:06):
A little Love goes a long way.

Speaker 4 (41:18):
Hi everybody, I'm Kim Kerrigan and I'm Joe Shortsley.

Speaker 2 (41:22):
If you want to be part of the New England
Business Report, sponsorships are still available.

Speaker 4 (41:27):
You can email us at any Business Radio at gmail
dot com.

Speaker 2 (41:32):
That's any Business Radio all one word at gmail dot
com and we'll get your business on the show too.

Speaker 4 (41:41):
Business Succession, it is Joe a big It's a big issue,
and it's different for different kinds of businesses. A smaller
business faces different kinds of rules and regulations and tax
issues that maybe a bigger business might. But it is
something that people who are reaching retirement age are certainly

(42:03):
interested in, whether they're passing their businesses onto their family
or maybe they're getting ready to sell them. Mike Marshall is,
of course, the president and founder of Martial Wealth Management,
and he's joining us today to talk a little bit
more about this issue. Mike, this is something no doubt
many of your clients who are approaching retirement age or

(42:24):
are in retirement are very interested in and concerned about
business owners.

Speaker 9 (42:30):
Yes, and people who are trying to plan for this
succession of either their company or if they are a
key employee in a company that's.

Speaker 14 (42:39):
Doing secession planning, then they.

Speaker 9 (42:41):
Would be very interested in making sure that there's a
continuation of the business and the place for them when
the owners decide to either retire.

Speaker 14 (42:51):
Or God forbid, something awful happens when they would.

Speaker 9 (42:54):
Pass away, Suddenly, there's got to be a plan in
place so the business can go on and succeed.

Speaker 2 (43:00):
Marsels, our guest, So, Mike tell us, if I'm a
small business owner and I'm thinking about succession planning, what
should I be thinking about? What questions should I be asking?

Speaker 3 (43:08):
Well?

Speaker 9 (43:08):
For small business owners, succession planning is very intimate, and
it's fairly similar to when you have an individual or a.

Speaker 14 (43:16):
Family doing their own family estate planning.

Speaker 9 (43:18):
So business secession planning is basically an a state plan or.

Speaker 3 (43:22):
A continuation plan for your business.

Speaker 14 (43:24):
In the event that either you want to retire, or.

Speaker 3 (43:27):
If you couldn't continue in your current.

Speaker 9 (43:29):
Role, or God forbid, something happened to you physically where
you would to pass away, there would have to be
people that could come in and take over these key roles.
So secession planning is really about strategic planning for your business,
incorporating different scenarios and identifying the key people in your
organization that you would either want to consider for taking

(43:51):
over certain roles, key roles, management roles in the company.
You've got to identify these folks in advance of something
happening that you are prepared if, in fact, something happens
where you would have to implement this business secession plan.
And it really involves some several components a business secession plan.

(44:13):
It makes sure that your business will run smoothly and uninterrupted,
and you've identified the key employees and by doing so,
usually it helps corporate morale and small business morale when
employees know.

Speaker 14 (44:26):
That there is a longer term plan in place.

Speaker 9 (44:29):
I mean for Corporate America, it's very very straightforward. The
border directors and the CEO of the various companies, they
would be responsible for doing the succession planning for a
large corporation, and the shareholders want to make sure. If
you're a public corporation and you sell stock, people are
buying shares of your company, they want to know that

(44:51):
you've got a plan in place for the business to succeed.

Speaker 3 (44:55):
God forbid, one of these events.

Speaker 4 (44:57):
Happens so, Michael, if a small business is changing hands
as a result of succession, there must be some kind
of tax ramifications as well that have to be considered
very interesting.

Speaker 9 (45:10):
One of the key components of a business succession plan
for a small business is to make capital available to
either buy out the current owners or god forbid, if
someone passed away, that the company would have the capital
to perhaps pay off the spouse of one of the
owners and remove that spouse from the future operations of

(45:34):
the business. The way they come up with this capital
typically is that it involves having life insurance on each
key partner. And the life insurance, believe it or not,
it serves two purposes. Number one, the benefit is tax
free to the person beneficiary to the person receiving the money,
so there's.

Speaker 3 (45:51):
No taxes involved in that.

Speaker 14 (45:53):
And the other thing is it provides.

Speaker 9 (45:55):
The capital that most companies don't have a lot of capital,
and most individuals don't have capital laying around in order
to buy out previous owners or prior owners. So the
life insurance basically you would The way it would work
is if there were three partners, each one of them
would have Let's just say that the business was worth
five million dollars right, So three ways, each of them

(46:17):
would have you know, roughly million in change in life
insurance on them so that if anything.

Speaker 14 (46:24):
Happened to them, that the capital.

Speaker 9 (46:26):
Would be available for the remaining employees and the remaining
management to be able to pay off and get rid
of basically spouses of owners and things of that nature
dealing with their family. So if there was no capital
to pay the owner off after he passed his family,
then you'd have to actually and bring those folks in
as part of the management team because you don't have

(46:48):
the capital to be able to buy them out, so
to speak.

Speaker 4 (46:52):
At Martial Wealth Management, you guys have the ability to
put these kinds of plans in place.

Speaker 9 (46:57):
We do, and it all starts with basically a business valuation.
So I mean, if you don't know what your business
is worth, then it's almost impossible to take the next
steps that you need to take to do secession.

Speaker 3 (47:08):
Planning for your business.

Speaker 9 (47:10):
Secession planning isn't about picking people to take spots when
you leave or if something happens. It's about identifying those
key employees that may have the potential to fill those roles.

Speaker 3 (47:22):
Again, you're this is a preparation plan.

Speaker 9 (47:24):
This isn't something that's going to come into play unless
either someone wants to get bought out, someone wants to retire.

Speaker 3 (47:32):
Or someone passes away.

Speaker 9 (47:34):
So those are the three triggering events that would trigger.

Speaker 14 (47:37):
A secession plan, and secession.

Speaker 3 (47:39):
Plans are pretty detail.

Speaker 9 (47:40):
When a key leader needs to be replaced on expectancy unexpectedly,
you need to have a solid plan in place so
that there's not confusion and disarray in the business when
something happens, because you know how it is inevitably something
happens to a business owner and the bit.

Speaker 14 (47:57):
If they don't have a secession plan, the.

Speaker 3 (47:59):
Business flow owners and the business.

Speaker 9 (48:01):
Can go out and cause employees to lose their jobs,
et cetera. So I mean a business secession plan. Even
for myself as a small business owner, I have a
business secession plan for my firm because something happened to me.
I have employees that are relying on me to stay
in business, and I don't want to let them down.

Speaker 3 (48:22):
It's really a courtesy to.

Speaker 14 (48:24):
Uh, you know, to your spouse and to the other
employees that you've got a plan.

Speaker 9 (48:28):
In place in the event something tragic or something happens
to trigger the the implementation of your succession plan.

Speaker 4 (48:35):
Mike Marshall, thank you so much for being a part
of the New England Business Report. Coming up next, AI
and Car Repair.

Speaker 1 (48:42):
The New England Business Report on w RKO is brought
to you in part by Subaru of New England. Feel
the freedom of a brand new twenty twenty four Subaru
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Speaker 4 (49:23):
You know, Joe, when it comes to car repair outside
of maybe your dealership, it's become a really difficult situation
and in some cases impossible thanks to all the high
tech that goes into our cars nowadays. You and I
have been talking about this all morning. Our next guest
is the CEO of a company that is working to
make the job of that corner mechanic or repair shop

(49:45):
a little bit easier. And this is all thanks to
Ai Audi. Bothlaw is joining us now and his company
is REV, and it's so great to have you with us.
Tell us a little bit about REV.

Speaker 3 (49:57):
Hi Kim, thanks for having me. Yeah.

Speaker 15 (49:59):
REV is an air powered platform that helps the auto
repair industry really navigate the net new which is cars
becoming computers on wheels. So cars today they're equipped with
safety features that are meant for driver passenger safety. You
can think of it as adaptive cruse control, lanky perverse

(50:19):
parking camera. And they're powered by a permutation of camera
sensors modules and there's millions of permutations the repair can take.
And it's the monumental research task to actually get to
understand what needs to be done to the car when
it comes to these repairs. So REP compresses that research

(50:39):
time into seconds and gives repairs the actionable insights on
how to repair the car property.

Speaker 2 (50:45):
All right, well, what specific problems say? And the collision
repair industry is REV solving.

Speaker 3 (50:51):
The specific problem.

Speaker 15 (50:52):
It's really an amalgamation of three things that came about
in the industry, and it's it's the most monumental shift
that the industry has gone through in the past decade,
which is government mandates on automatic emergency breaking that mandated
every single passenger vehicle to come equipped with these cameras

(51:15):
and sensors that power those systems, as well as manufacturers
really racing for software defined vehicles on the road and
technology that didn't exist before kind of came together. Essentially,
so the pain point is that the average technician that
was used to repairing the bumper, the fender, the quarter

(51:36):
panel now has to work with lasers and mats and targets.
It has to do research that can take up two
weeks to really get to understand what needs to be
done to the car when it comes to these repairs.

Speaker 3 (51:51):
That's where REV comes in.

Speaker 15 (51:53):
It gives repairers all that they need when it comes
to systems equipped components impacted sees to be performed step
by step instructions for those procedures soon as the card
comes in within seconds. This was presented to the repairer
in the palm of the in.

Speaker 4 (52:10):
Their palms, and AUDI is that presented on a platform
with AI explained to us how that's presented to someone
who's working on a vehicle.

Speaker 3 (52:18):
Yeah, that's a that's a great question.

Speaker 15 (52:21):
So our ethos has always been meeting our users where
they are.

Speaker 3 (52:27):
In their workflow m H. So REV deeply.

Speaker 15 (52:30):
Connects with the hardware like scan tools that the repairer
already use. It also connects with astematics that the repairer
already uses. So instead of asking the repairer to really
use a third platform independently, we integrate with their existing
systems and really present the information within those systems as

(52:52):
well as well as our own user experience should they
choose to use it. So we really give them the variety.
But the theme has always been a low to no
touch experience and meeting the offline industry user where they
are in their workflow.

Speaker 2 (53:08):
I'm curious as to how many shops are carrying this
technology right now, and I'm wondering what your competition is.

Speaker 15 (53:16):
So today REV has been live for twenty four months
now and we're servicing more than seven hundred businesses and
upwards of four thousand locations across the United States in.

Speaker 3 (53:34):
Canada as well.

Speaker 15 (53:35):
Do you have competition In terms of competition, I'd say
there are hardware players, historical hardware players that offer a
service like this, but that is more hardware first, and
they've been working on this since let's say this trend started,

(53:58):
but it's a completely different exp incense. Ours is fully
cloud based, and I wouldn't even.

Speaker 3 (54:05):
Tag that as competition.

Speaker 15 (54:06):
Really we do partner with some of those players as well,
so it's really it can be very synergetic, synergetic.

Speaker 3 (54:14):
Relationship and we have some of those relationships already built
out too.

Speaker 2 (54:18):
How does it improve, say, profitability for a collision repair shop,
I mean, do these shops make more money because they're
using REV That's a great question.

Speaker 15 (54:26):
So in general, the repair costs are rising dramatically. A
lot of this is attributed to software defined vehicles and
cars really getting complicated to a point that the repair
is expensive. So what we do is we essentially reduce

(54:47):
cycle time. Cycle time is this industry term around how
much time does it take to go from one phase
to another. And a major phase now that has been
introduced due to software defined vehicles is actually calibrat a car.
So we compress that research time and really give them
actable insights that they would have otherwise missed. About eighty
five percent of the industry doesn't really perform that research

(55:11):
because it takes a lot of time. So essentially we
are highlighting that their revenue leaky bucket is what we
call it, and presenting them in a way that it's
actionable without taking the time that it would have otherwise taken,
and its leading to profitability.

Speaker 4 (55:29):
For the shops and Audie. Looking to the future, what
do you anticipate will will change in the auto industry
and thus have to change for you guys.

Speaker 15 (55:40):
In the future, I anticipate cars only getting more complicated. Really,
so what we see in our database or viipower knowledge graph,
we see that the permutations of these sensors, cameras, modules,
electronics and cars are only getting more complicated. We also

(56:02):
see the market moving really fast in terms of calibration.
Specialists as a net new segment that is exponentially growing
because there's this massive white space that is being created
for specialization come into play.

Speaker 3 (56:20):
So there are procedures like surround view.

Speaker 15 (56:22):
There procedures like programming that are so specialized that only
specialists can perform them. So we also see this exponentially
growing segment. And in the future, what I anticipate is
as cars get more and more and more complicated, these
specialists in these specialist businesses. They will continue to grow

(56:43):
exponentially and get more and more specialized, while the shops
that we work with they're bringing more and more of
these procedures and capabilities to perform these procedures in house.
So it's a massively growing trend. But all in all,
cars getting specialized specialists percolating the industry and the shops

(57:04):
bringing more capabilities in this collaboration marketplate collaboration network, and
of originating as well.

Speaker 4 (57:10):
All Right, the name of the company is rev and
his name is Addie Bofflock. Thank you so much for
being a part of the show today.

Speaker 14 (57:16):
Thank you for having me.

Speaker 2 (57:18):
All Right, Kim, I guess it's time to talk about
next week's program, and we're going to talk about Nantucket.
But we're not going to talk about, well, perhaps all
the super yachts that are over there. We're going to
talk about how expensive it is for folks to live there.
Who are your police officers, your school teachers, your municipal workers,
and on and ama goes. We're going to be talking
with Tucker hollm He is the executive director of the

(57:39):
Nantucket Land Trust. And there was a story in the
New York Times Nantucket workers are living on the margins.

Speaker 3 (57:47):
It's a very interesting article.

Speaker 2 (57:48):
We'll explore it in great detail on the next Sunday's
program here on the New England Business Report.

Speaker 3 (57:53):
Right here.

Speaker 2 (57:53):
WRKO The Voice of Boston A I'm six eight