Busi 505 final presentation

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  • Take all out boxes and put in dates next to arrows (Check)First three bullets (Check)>Maybe Mention:New management(somehow) Explain what it passivation
  • Should Cal Chem relocate their HQ to NC?Maybe put map here too
  • Make it more compelling – SmartArtMap that we are comparing CA to NCShow that at the end to wrap it up
  • Look at Michigan – or is it relevant for southeast because there are no other south east states in the list (except florida)
  • No decimals – simplify the slide
  • No apologetic tone - spoke to associations
  • More compelling
  • Start with that one – than show propertyhttp://lalife.com/address/2102_Merced_Ave_South_El_Monte_CA_91733http://www.city-data.com/los-angeles-county/M/Merced-Avenue-38.html#googleMap
  • Start with map!Show another way of estimated market valueShow two or one but be consistenthttp://lalife.com/address/2102_Merced_Ave_South_El_Monte_CA_91733http://www.city-data.com/los-angeles-county/M/Merced-Avenue-38.html#googleMap
  • “Overview map first” to show that we are in NC now
  • Maybe still a table
  • Show “summary” maybe in a chartDCF for lease!!
  • Spreadsheet screenshot after this with the recommendation scenario… DCF in it? Perpetuity for the lease as well… too show a NPV as final number!!!
  • Add a slide about cost to move, other expenses, employees, etc… after the cost savings -. Show cost incurred
  • BLS logo in top right corner, find Raleigh and take Chapel Hill out
  • SOURCE????
  • Base it on property val in counties we chose
  • Add Raleigh? Maybe put in gas price as well?
  • Wont hit marks
  • Earlier to compare to buying first than lease – and a transitional slide to go to leaseBuilding in greensboro – maybe one in Chapel hill – not two in Raleigh
  • Switch it to opening states
  • Earlier to compare to buying first than lease – and a transitional slide to go to leaseBuilding in greensboro – maybe one in Chapel hill – not two in Raleigh

Transcript

  • 1. Cal Chem Alex Babbitt Jasper Roll Jack Dai
  • 2. Agenda Introduction Business Environment Real Estate Cost Savings Recommendation
  • 3. Review of Scope of Work - Current Situation Founded in 1956 in California Stagnating revenues in the last years Providing passivation services among others Need to structure company activities Pioneered the Citric Acid method Small crew based in North Carolina Headquartered in California Rob and Scott Maitland Introduction Business Environment Real Estate Cost Savings Recommendation
  • 4. Key Question Should Cal-Chem relocate their Headquarters to NC? Business Environment Real Estate Operating Costs Introduction Business Environment Real Estate Cost Savings Recommendation
  • 5. Microeconomic factors Business Environment Manufacturing Facilities Manufacturing Employment GDP Growth BusinessBusiness Recommendation Introduction Real Estate Operating Cost Savings Real Estate Key Question Environment Environment Costs
  • 6. California has over 4 times as many manufacturers as North Carolina California Texas New York Ohio Illinois Pennsylvania Florida Michigan North Carolina Wisconsin 40,497 19,754 17,094 15,325 14,630 14,607 12,788 12,697 9,389 9,115 45,000 # of manufacturing Facility 1 2 3 4 5 6 7 8 9 10 40,000 35,000 30,000 25,000 20,000 Cal 15,000 NC 10,000 5,000 0 2005 2006 2007 2008 2009 U.S. Census Bureau BusinessBusiness Recommendation Introduction Real Estate Operating Cost Savings Real Estate Key Question Environment Environment Costs
  • 7. However the entire Southeastern U.S. is comparable to California 6,000 40,000 35,000 Cal 30,000 SE 25,000 20,000 # of facilities opened # of Manufacturing Facility 45,000 5,000 4,000 3,000 Cal SE 2,000 1,000 0 2005 2006 2007 2008 2009 2005 2006 2007 2008 2009 SE = NC, SC, VA, TN, FL U.S. Census Bureau BusinessBusiness Recommendation Introduction Real Estate Operating Cost Savings Real Estate Key Question Environment Environment Costs
  • 8. Comparison of Manufacturing Employees Statistics http://www.bls.gov/ BusinessBusiness Recommendation Introduction Real Estate Operating Cost Savings Real Estate Key Question Environment Environment Costs
  • 9. Real GDP Growth by Region 2011 BusinessBusiness Recommendation Introduction Real Estate Operating Cost Savings Real Estate Key Question Environment Environment Costs
  • 10. Real GDP Growth by Region - continued Contribution to % change in real GDP U.S. GDP Breakdown 0.6 0.5 18% 0.4 0.3 Far West 0.2 Southeast 59% 22% Far West Southeast Other 0.1 0 Scientific Healthcaree services food services Bureau of Economic Analysis BusinessBusiness Recommendation Introduction Real Estate Operating Cost Savings Real Estate Key Question Environment Environment Costs
  • 11. We attained industry specific data from several industry associations. • “Pharmaceutical companies have been moving into North Carolina, but I do not know if they moved the production facilities with them…. FDA issue the permits, they may have more information” – Christopher Gauthier, executive director of North Carolina Pharmaceutical Association • “The Southeast has been steadily increasing its food processing capacity and we will probably not see an end to that soon” – Anna Ondick, Southern Association of Dairy Food Manufacturers BusinessBusiness Recommendation Introduction Real Estate Operating Cost Savings Real Estate Key Question Environment Environment Costs
  • 12. Real Estate Real Estate Current Property Buy Options Lease Options Introduction Business Environment Real Estate Cost Savings Recommendation
  • 13. California Real Estate Options Current Property Introduction Business Environment Real Estate Cost Savings Recommendation
  • 14. Real Estate – Current property in CA • 3.7 miles to El Monte Airport • 28.9 miles to LAX • 2.4 miles to I-10 • ~10 miles to I-5 Introduction Business Environment Real Estate Cost Savings Recommendation
  • 15. Real Estate – Current property in CA • Tax Assessment Property Value – $ 530,265 • Estimated Market Value – $800,000 • Property Size – 6900 sq. ft. http://lalife.com http://www.city-data.com Introduction Business Environment Real Estate Cost Savings Recommendation
  • 16. Comparable properties in South El Monte • Property 1 – $ 818,000 – 7,440 SF • Property 2 – $ 817,900 – 6,888 SF • Property 3 – $ 870,000 – 6,000 SF • Property 4 – $ 580,000 – 5,625 SF http://www.loopnet.com Introduction Business Environment Real Estate Cost Savings Recommendation
  • 17. North Carolina Real Estate Option Buy Options Lease Options Introduction Business Environment Real Estate Cost Savings Recommendation
  • 18. 122 U.S. 70 Hillsborough, NC 27278 • Hillsborough, NC – $450,000 – 7,700 sf – $58.44 price/sf • 28.1 miles from airport • 7.1 miles from I-85 http://www.trianglecpe.com Introduction Business Environment Real Estate Cost Savings Recommendation
  • 19. 1201 Brandt Street, Greensboro, NC 27407 • Greensboro, NC – $600,000 – 8,790 sf – $68.26 price/sf • 12 miles from Airport • 1.2 miles from I-40 http://www.loopnet.com/ Introduction Business Environment Real Estate Cost Savings Recommendation
  • 20. 4900 Thornton Road Raleigh, NC 27616 • Raleigh, NC – $350,000 – 4,358 sf – $80.31 price/sf • 20.6 miles from airport • 1.8 miles from I-540 http://www.trianglecpe.com/ Introduction Business Environment Real Estate Cost Savings Recommendation
  • 21. 104 Meadowood Ave, Greensboro, NC • Flex property • 2,500 sq. ft. • $7.00 /sf/year – $ 17,500/year • 7.8 miles from Airport • 1.8 miles from I-40 http://www.cityfeet.com Introduction Business Environment Real Estate Cost Savings Recommendation
  • 22. 2621 Rowland Road, Raleigh, NC • Flex property • 6,000 sq. ft. • $10.00/sf/year – $ 60,000/year • 17 miles from Airport • 2 miles from I-540 http://www.loopnet.com Introduction Business Environment Real Estate Cost Savings Recommendation
  • 23. 3916 Forrest Avenue, Efland, Orange County, NC • Industrial Property • 5,708 SF • $7.88 / sf / year – $44,979 • 31.6 miles to RDU airport • 1.2 miles to I-40 http://www.showcase.com Introduction Business Environment Real Estate Cost Savings Recommendation
  • 24. Comparable lease prices in South El Monte, CA No significant difference in the price / SF /year Introduction Business Environment Real Estate Cost Savings Recommendation
  • 25. Real Estate Savings • Sale of Property in CA – $ 800,000 • Annual Rent of Lease in Chapel Hill – $ 45,000 • Perpetuity of Rent in Chapel Hill – $ 450,000 Possible gain over time of: $ 350,000 Introduction Business Environment Real Estate Cost Savings Recommendation
  • 26. Cost Savings Salaries Taxes Utilities LA vs Chapel Hill/Greensboro Corporate Tax Advantages LA vs Chapel Hill/Greensboro Property Tax Advantages Accumulated Cost Savings Introduction Sow Business Key Environment Question Real Estate Macro Cost Savings Micro Recommendation Next Steps
  • 27. Financial Model Introduction Sow Business Key Environment Question Real Estate Macro Cost Savings Micro Recommendation Next Steps
  • 28. Cost Savings - Salaries Annual Salary / Industrial Maintenance Employee $46,000 $44,000 $42,000 $40,000 $38,000 $36,000 $34,000 $32,000 Los Angeles Chapel Hill Greensboro Raleigh Possible maximum annual savings with 20 estimated industrial maintance employees of: $ 105,000 Bureau of Labor Statistic http://eslmi23.esc.state.nc.us/ew/EWResults.asp Introduction Sow Business Key Environment Question Real Estate Macro Cost Savings Micro Recommendation Next Steps
  • 29. Cost Savings – Corporate Tax Corporate Tax Paid on $ 400,000 Net Income Corporate Tax Rate 10% 8% 6% 4% 2% 0% 8.80% 6.90% $40,000 $35,200 $27,600 $30,000 $20,000 $10,000 $California North Carolina California North Carolina Assumption of a 20% Profit Margin and $2 million in revenues – possible annual savings on corporate tax: $ 8,000 https://www.ftb.ca.gov/ Introduction Sow Business Key Environment Question Real Estate Macro Cost Savings Micro Recommendation Next Steps
  • 30. Cost Savings – Property Tax Annual Property Tax by County 8000 6000 Current tax Based on a $ 450,000 property value 4000 2000 0 Los Angeles County Guildford County Wake County Orange County Possible maximum annual savings with total property value of $ 530,000/$ 450,000: $ 3,800 North Carolina Department of Revenue http://maps.assessor.lacounty.gov/mapping/viewer.asp Introduction Sow Business Key Environment Question Real Estate Macro Cost Savings Micro Recommendation Next Steps
  • 31. Cost Savings – Utilities Utility cost on average 18% cheaper in Greensboro than in Los Angeles 100% 100% 84% 82% Chapel Hill Greensboro 104% 50% 0% Los Angeles Raleigh Assumption of utilities as 6% of $2 million in revenues – possible annual savings on utilities: $ 22,000 US Census Introduction Sow Business Key Environment Question Real Estate Macro Cost Savings Micro Recommendation Next Steps
  • 32. Cost Savings – Accumulated $1,200,000 $1,000,000 $800,000 Corporate Tax $600,000 Utilites $400,000 Salary $200,000 $0 California North Carolina Possible Cost Savings for moving to Chapel Hill: $ 145,000 Introduction Sow Business Key Environment Question Real Estate Macro Cost Savings Micro Recommendation Next Steps
  • 33. Possible Relocation Costs Transaction fees for selling property Relocation of key employees Training for new employees Relocating equipment New corporation Introduction Sow Business Key Environment Question Real Estate Macro Cost Savings Micro Recommendation Next Steps
  • 34. Cal-Chem does not qualify for any local subsidies Location Initial Capital Investment # of Jobs Created Hourly Wage Other requirements Wake County $3 million 40 n/a n/a Statesville, NC $1.5 million 50 $15.73/hour 50% of Health benefits Garner, NC $10 million 50 n/a $1100 of tax base per gallon of sewer allocated Source: Interviews with Economic Development Offices. See Appendix Introduction Sow Business Key Environment Question Real Estate Macro Cost Savings Micro Recommendation Next Steps
  • 35. Recommendation Comparable Business Environment Comparable Real Estate NC provide annual cost savings of $145,000 Introduction Sow Business Key Environment Question Real Estate Macro Cost Savings Micro Recommendation Next Steps
  • 36. Recommendation Cal-Chem should relocate to North Carolina One-time Savings/Cost $ 750,000 Perpetuities of the annual savings Salaries Corporate Tax Property Tax Utilities Rent Total $ $ $ $ $ $ 1,054,000 76,000 104,000 192,000 -674,686 751,314 Total including one-time Savings/Costs $ 1,501,314 Introduction Sow Business Key Environment Question Real Estate Macro Cost Savings Micro Recommendation Next Steps
  • 37. Questions?
  • 38. Appendix • • • • Salaries Utilities Taxes Interviews – – – – – Other real estate locations Industry projection Current customers California employment Econ Development Office Projection Commercial Real Estate • NC employment projection Local County Offices • Manufacturing Closings Trade Association • Food and beverage Sewage Office manufacturers Introduction • • • • Business Environment Real Estate Cost Savings Recommendation
  • 39. Salaries • LA Industrial Maintenance Worker – $42,320 / employee • Chapel Hill Industrial Maintenance Worker – $37,050 / employee • Greensboro Industrial Maintenance Worker – $39,260 / employee http://www.bls.gov/oes/current/oes499071.htm Introduction Business Environment Real Estate Cost Savings Recommendation
  • 40. Utilities • Interviews with OWASA and Duke Energy – No useful information – Said it depended on use and couldn’t generalize – Depends on specific location within county • On average utilities are cheaper in NC than LA – 16% cheaper in Chapel Hill – 18% cheaper in Greensboro Introduction Business Environment Real Estate Cost Savings Recommendation
  • 41. Taxes • Property Taxes – – – – – Guildford County - .7804 / $100 of property valuation Iredell County - .4850 / $100 of property valuation Wake County - .5340 / $100 of property valuation Orange County - .8580 / $100 of property valuation Los Angeles County – 1.13% of total value • Corporate Tax – CA - 8.8% vs. NC - 6.9% Introduction Business Environment Real Estate Cost Savings Recommendation
  • 42. Introduction Business Environment Real Estate Cost Savings Recommendation
  • 43. Interview with Jenny Mizelle • Holly Springs Economic Development Office • Incentives are looked at on a case by case basis – Typically $3 million capital investment • Capital investment is anything that is taxable – 40 new jobs • Incentives given in the form of grants – If approved companies receive 20-80% of taxes back over 2-10 year period Introduction Business Environment Real Estate Cost Savings Recommendation
  • 44. Interview with Michael Smith Statesville Economic Development • Incentive requirements – – – – Need to offer over $15.73 /hour salary· Provide 50% of health benefits to employees· $1.5 million dollar investment in new taxable assets· $3 million for the county· • Incentive – Performance based, given back part of taxes over a 5 year period· • Other Advantages – Located at the intersection of I-40 and I-77· – Proximity to Charlotte Douglas Airport and Piedmont Triad Airport – Triad location of FedEx distribution hub – Property tax: .4850/100$ property value
  • 45. Interview with Tony Beasely Garner Economic Development • Incentive Requirements • Incentive • Advantages
  • 46. Interview with Commercial Associates Real Estate • Price – Depends very much on location and layout of building (E.g. 1500 sq ft building in Raleigh 1350$/month) • Buy or lease – Did not want to make any suggestion but said it depends on our business model • In general – Wanted me to come to her with specific locations from their website in mind 919 – 878 - 6504
  • 47. Interview with North Wake Commercial Realty • Price – Did not have any properties that would fit our purpose • Buy or lease – Did not want to comment on that • In general – After realizing that they do not have anything suitable for us he was not very helpful 919 – 554 - 2855
  • 48. Interview with L.A. Realty Partners • Price – L.A. Realty Partners is offering office spaces/buildings and could therefore not give me a quote on a suitable property • Buy or lease – She was leaning towards buying property because of reasonably low prices at the moment as well as good conditions for line of credits 310 – 407 - 3400
  • 49. Interview with California Commercial Real Estate Services • Price – They do offer advice/consulting as well as other services but do not actually sell property • Buy or lease – She said it very much depends on what the business owner wants • In general – She was helpful but not going into detail unless I would make an appointment with her 949 – 794 - 0000
  • 50. We tried to get number of building permit issued from county offices • There were no national organization that consolidated building permit data • We interviewed the revenue department of the three largest counties in NC – Wake and Guilford counties do not differentiate between commercial/industrial building permits – Mecklenburg county has a website that tracks building permits issued • We could not get a good general picture of North Carolina’s business environment through permits Introduction Business Environment Real Estate Cost Savings Recommendation
  • 51. We hoped local trade association kept track of the number of local manufacturers • We contacted four local trade associations – – – – North Carolina Beverage Association Southeastern Food Processors Association National Pharmaceutical Association, Cary chapter North Carolina Pharmaceutical Association • None of them tracked the number of manufacturers in state • Christopher Gauthier, executive director of NCPA, told us FDA may keep track of these numbers. – He also observed there are pharmaceutical companies moving in to NC, but he doesn’t know if they actually have factories in state. Introduction Business Environment Real Estate Cost Savings Recommendation
  • 52. Interview with Heidi Lamay – Orange Water and Sewer Authority • Different rates for commercial and residential – Hard to say which one is higher due to different structure of the rates • There is no definite regulation on the price of utilities – Different rates in not only part of the State but also in parts of the Counties 919 – 537 - 4293
  • 53. 3820 Burlington Rd., Greensboro, NC • Flex property • 5, 000 sq. ft. • $4.95 /sf/year – $ 24,750/year • 15 miles from Airport • 3.7 miles from I-40 http://www.loopnet.com Introduction Business Environment Real Estate Cost Savings Recommendation
  • 54. 6120 Brookshire Boulevard, Charlotte • • • • • Flex property 2000 sf $6.90/sf/yr 8.9 miles from Airport 2.4 miles from I-85 http://www.showcase.com/#&&/wEXAQURV29ya2Zsb3dIaXN0b3J5SUQFJGU5ZTRiOWYxLWQ0OTUtNDI0Yy1hMGI4LThjYzVmNzQzMzc0ZH9DKarHwVJxXsaS06W2WVKVrlUW Introduction Business Environment Real Estate Cost Savings Recommendation
  • 55. 8431 Old Statesville Road, Charlotte • • • • • Flex Property 1800 sf $7.25/sf/yr 12.3 miles from Airport 5.7 miles from I-85 http://www.showcase.com/#&&/wEXAQURV29ya2Zsb3dIaXN0b3J5SUQFJDE1OTU4ZjJhLTNkYjgtNDdjZS04OGY0LWFhZTJlZDE5ZWI2YjrtwNrxPwJdxeeWvrL2c1RPNAEZ Introduction Business Environment Real Estate Cost Savings Recommendation
  • 56. 2405 Charles Boulevard, Greenville • • • • 2016 sf $10.71/sf/yr 5.1 miles from Airport 4.0 miles from U.S 264 http://www.cityfeet.com/cont/north-carolina-commercial-real-estate Introduction Business Environment Real Estate Cost Savings Recommendation
  • 57. 2621 Rowland Road, Raleigh, NC • Flex • 6000SF • $10 sf/year http://www.loopnet.com/Listing/17905075/2621-Rowland-Road-Raleigh-NC/ Introduction Business Environment Real Estate Cost Savings Recommendation
  • 58. 3820 Burlington Rd., Greensboro, NC • Flex • 5000sf • 4,95 sf/year http://www.loopnet.com/Listing/17904171/3820-Burlington-Rd-Greensboro-NC/ Introduction Business Environment Real Estate Cost Savings Recommendation
  • 59. 2320 Presidential Drive, Durham, NC • Flex • 6624sf • 7,89sf/year http://www.loopnet.com/Listing/15553065/2320-Presidential-Drive-Durham-NC/ Introduction Business Environment Real Estate Cost Savings Recommendation
  • 60. 1215 Central Avenue, Charlotte, NC • Flex • 2400sf • 18,50sf/year http://www.loopnet.com/Listing/17709895/1215-Central-Avenue-Charlotte-NC/ Introduction Business Environment Real Estate Cost Savings Recommendation
  • 61. Potential Buy Options • • • • $450,000 7,700 sf $58.44 price/sf Hillsborough, NC • • • • $600,000 8,790 sf $68.26 price/sf Greensboro, NC • • • • $350,000 4,358 sf $80.31 price/sf Raleigh, NC http://www.loopnet.com/ Introduction Business Environment Real Estate Cost Savings Recommendation
  • 62. 132 Stetson Drive, Charlotte, NC • Flex • 2450sf • 6sf/year http://www.loopnet.com/Listing/17540249/132-Stetson-Drive-Charlotte-NC/ Introduction Business Environment Real Estate Cost Savings Recommendation
  • 63. Supporting research Industry Growth Year Pharmaceuticals 7-8 % 2011 Biotech 10 % 2011 Food & Beverage 1-1.5 % 2011 U.S. GDP Growth 1.7 % 2011 As of 2011 Forbes ranks North Carolina #3 in their „Best States for Business“ Ranking while California is ranked 39th http://www.ift.org/food-technology/daily-news/2011/march/30/us-food-beverage-market-to-continue-slow-rebound.aspx http://www.ey.com/GL/en/Newsroom/News-releases/Beyond-borders_global-biotechnology-report-2011 http://www.zacks.com/commentary/17173/pharmaceutical-industry-outlook-march-2011 http://www.dailymail.co.uk/news/article-2092744/Annual-GDP-growth-U-S-worst-recession--things-looking-strongerquarter.html Introduction Sow Business Key Environment Question Real Estate Macro Cost Savings Micro Recommendation Next Steps
  • 64. Current customers Introduction Business Environment Real Estate Cost Savings Recommendation
  • 65. California Manufacturing Employment 2006 # of Employees 2009 # of Employees % of US Market % Change 904 764.7 6.50% -15.41% LA 5 County Area 800.1 669.3 5.70% -16.35% Northern California 591.1 511.2 4.30% -13.52% LA County 463.1 389.3 3.30% -15.94% Market Southern California # of employees listed in thousands Introduction Business Environment Real Estate Cost Savings Recommendation
  • 66. California Manufacturing Employment Projections (average annual growth) Manufacturing Nondurable Goods Manufacturing Durable Goods Introduction 2010-15 2015-20 2010-20 0.2% -1.6% -0.7% 2% -0.4% 0.8% Business Environment Real Estate Cost Savings Recommendation
  • 67. NC Manufacturing Employment Projections Area Current 2018 % Change NC 515,730 449,170 -12.9% Durham/Chapel Hill 33,130 33,230 0.3% Wake County 30,280 28,010 -7.5% Iredell County 50,560 45,440 -10.1% Guilford County 36,130 29,540 -18.2% Introduction Business Environment Real Estate Cost Savings Recommendation
  • 68. The closest data we found was from the US Census • The US census keeps track of number of manufacturing facilities in each state every year • California closes 2% more facilities than NC while having more than 4 times the number of facilities • California closes 4 times more facilities than NC NC 10.0% 8.1% 8.3% 8.4% 7.9% 2009 2008 2007 2006 2005 CA 11.7% 9.8% 9.9% 9.7% 10.6% diff 1.7% 1.8% 1.6% 1.3% 2.7% NC CA 2009 937 4,725 2008 770 4,040 2007 792 4,090 2006 809 4,019 2005 775 4,534 Source: U.S. Census Bureau Introduction Business Environment Real Estate Cost Savings Recommendation
  • 69. California has closed more facilities than the South 6,000 # of facilities closed 5,000 4,000 3,000 Cal SE 2,000 1,000 0 2005 2006 2007 2008 2009 U.S. Census Bureau Introduction Sow Business Key Environment Question Real Estate Macro Cost Savings Micro Recommendation Next Steps
  • 70. Introduction Sow Business Key Environment Question Real Estate Macro Cost Savings Micro Recommendation Next Steps
  • 71. Potential Buy Options • • • • $450,000 7,700 sf $58.44 price/sf Hillsborough, NC • • • • $600,000 8,790 sf $68.26 price/sf Greensboro, NC • • • • $350,000 4,358 sf $80.31 price/sf Raleigh, NC http://www.loopnet.com/ Introduction Business Environment Real Estate Cost Savings Recommendation