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VOICES FROM THE INDUSTRY: Learning the basic categories of investment real estate Property type New development or existing Risk of landlord responsibilities

Baby boomers, the wealthiest generation in the history of our country, are getting richer. Much has been written about the extraordinary transfer of wealth that will take place as the boomers take over the estates of their parents. As their assets grow, many are get ting more directly involved in the management of their money. Rather than sending all their cash to Wall Street or their bank, an increasing number of investors are allocating a portion of their portfolio to…

EYE ON THE PIE: Focus on expenses, not revenue, in state budget

In fewer than 700 words, I’m going to tell the story of how we finance government in Indiana. It’s my belated valentine to the Indiana General Assembly. The data are for 2001-2002, but things don’t change much from year to year. Indiana governments had revenue of $34.2 billion in fiscal 2002. But forget about separating state and local government finances. It’s a fraudulent idea to talk about local taxes vs. state taxes. The two are totally intertwined. Localities can do…

Ashley makes home in former Galyan’s stores: Furniture stores to open in Greenwood, Carmel

Two former Galyan’s Trading Co. Inc. stores are set to find a new life in furniture. Ashley Furniture HomeStores will enter the market by occupying former Galyan’s stores in Greenwood and in Village Park Plaza in Carmel. The Greenwood store will have about 80,000 square feet and the Carmel store will be slightly smaller at 66,000 square feet, according to plans filed with the state. The HomeStores sell furnishings made by Arcadia, Wis.-based Ashley Furniture Industries Inc., but are independently…

OneAmerica grows bullish on its future: New leadership hopes to sustain steady growth

OneAmerica Financial Partners Inc. kept busy with a brand change, a record year for retirement services and the arrival of several new leaders in 2004. New President and CEO Dayton Molendorp plans to keep the positive momentum flowing with 34 key projects outlined in the 2005 business plan. But analysts say the Indianapolis company will have to grow in the face of strong competition and a pressing need to keep up with technology. The company formerly known as AUL unveiled…

Project to link painter, Mandela: Nancy Noel collaborates on S. African’s Unity Series

In Africa, Nelson Mandela is called Madiba, a term of respect that connotes wisdom and a fatherly status. Through a twist of fate, local artist Nancy Noel is one of 39 artists from around the world who can say that, for a brief time, they called Mandela a collaborator. Noel is participating in Mandela’s Unity Series, the latest artistic effort from the South African revolutionary. To fans of Noel’s widely popular contemporary realism paintings of angels and Amish children, her…

Eminent domain facing legal challenges: Supreme Court, Indiana legislature consider changes to economic development tool some say is unfairly used

The tool of eminent domain, increasingly used for redevelopment projects in Indiana cities and towns, could change significantly depending on the outcome of a U.S. Supreme Court case and a bill before the Indiana General Assembly. In Indianapolis, city officials are closely watching the cases and legislation. In recent years, construction of WellPoint Inc.’s operations center, redevelopment of the Link-Savoy and Blacherne apartment buildings, and Fall Creek Place have all involved eminent domain. Officials have also indicated they may use…

RETURN ON TECHNOLOGY: Some suggestions on how to overcome spam

Some time back, I got onto the solicitation no-call list maintained by the state of Indiana. It’s the second-best decision I ever made, after proposing to my wife. My evenings are ring-free, blessedly non-commercial, aside from the ads that overly optimistic marketing people hope I’ll watch on TV. There should be a similar no-call list for spammers, but there isn’t. Spam, as you probably know, is unwanted e-mail. Spam requires a lot of time every day to find, sort and…

George’s role as team owner draws criticism: Some say purchase is conflict of interest

Nine years of hunting for sponsors, recruiting and trying to retain drivers, and managing costs that had nearly doubled in recent years had taken its toll. The founder of locally based Kelley Racing shuttered his Indy Racing League team at the close of last season. And with the close of Kelley Racing, a new era for the Indy Racing League opened. Founded in 1996 as an alternative to CART, the open-wheel racing series stepped into what IRL founder Tony George…

INVESTING: Reaching the unthinkable: $1T in revenue or market value

One trillion dollars. The only time you hear a number that big is when government spending is the subject. What if an American company were to hit $1 trillion in annual sales? How about an American company with a $1 trillion market value? Are these numbers possible? The largest company in the world by revenue is Wal-Mart, which did $285 billion in sales this year. A very big number. The biggest company in the world by valuation is General Electric,…

NOTIONS: Blowing away the ‘I have my rights’ smokescreen

I’m looking out the window of the hospital room where my wife, Pam, is staying. It’s a beautiful day. Soft white clouds dot the brilliant sky. In the courtyard below, between the hospital and the cancer center, a young woman sits on a bench. She’s pretty, in her sleek leather jacket and tight jeans. Her auburn hair glistens in the sun and brushes her shoulders in the breeze. In one hand, she holds a Palm Pilot. I imagine she’s reading…

CHRIS KATTERJOHN Commentary: Does good biz mean good guv?

CHRIS KATTERJOHN Commentary Does good biz mean good guv? It’s already crystal clear that Gov. Mitch Daniels intends to live up to his promise to shake things up in Indiana government. It’s even clearer that he believes the people who will help him succeed in doing so are people who have been successful in business. I’m guessing a large number of IBJ readers are eating this up. For as long as I can remember, businesspeople have complained about government bureaucracy…

Oak Street tables plans: Fast-growing mortgage firm postpones IPO

Oak Street Financial Services Inc., the fast-growing Carmelbased mortgage seller, has called off its initial public offering. “We still feel we’re in a growth phase,” said Oak Street spokesman Joe Poulos. “But some things have been scaled back, such as the IPO.” Oak Street filed initial IPO paperwork with the Securities and Exchange Commission last April, outlining plans to raise up to $150 million from investors. But SEC documents show Oak Street withdrew its registration request Feb. 1 One of…

Basketball-filled month awaits downtown planners: Indianapolis set to host 35 big games in 36 days

Next month will bring new meaning to “March Madness” in Indianapolis. In a 36-day span starting March 1 and culminating April 5 with the crowning of the women’s NCAA basketball champion, the city will play host to 35 high-profile games in 36 days. The Hoosier state’s love affair with the sport has endured for decades. But next month will truly be “Hoops Hysteria” here. While the city has welcomed basketball tournaments before, it never has offered so many games at…

STATEHOUSE DISPATCH: Tax talk begins to make Republican lawmakers hinky

Perhaps the most surprising aspect of this session’s first five weeks has been all the talk about imposing or raising taxes. A surfeit of Republicans ran for assorted offices last year complaining about the condition of the state budget, but pledged to bring it back into balance by attacking fraud and waste, and simply cutting more programs. Many Democrats who ran against them acknowledged budget “issues,” but suggested they could be managed and the budget would not be balanced on…

Banking turnaround specialist returns home: First National names former People’s exec as CEO

One of the nation’s most successful bankers has returned to Indiana. After four years spent spearheading the turnaround of deeply troubled City National Bank in Charleston, W.Va., Jerry Francis took the helm at Kokomobased First National Bank & Trust Feb. 9. Francis is best known locally from his days as president of People’s Bank Corp. He left Indianapolis in 2001 after Fifth Third Bancorp bought People’s for $228 million. But his name is recognized across the nation thanks to the…

ECONOMIC ANALYSIS: New metropolitan areas redefine economic data

This month marks the first important use of the recently redefined Metropolitan Statistical Areas for Indiana. When we receive our first glimpse of state employment information for the new year, the Department of Workforce Development will include three new MSAs in its tables: Anderson, Columbus and Michigan City. And most of the existing metro areas, including Indianapolis, will see significant changes in their geographic composition. In general terms, these changes are easy to explain. We are a mobile population and,…

SPORTS: How do I love sports? Let me list the ways

Lance Armstrong beating cancer, the Tour de France field and the French press. The Red Sox, down 0-3, over the Yankees. Never say never. “And down the stretch they come!” at the Kentucky Derby. “Gentlemen, start your engines,” at the Indianapolis Motor Speedway. The alpenglow on the San Gabriels above the Rose Bowl late in the third quarter. A three-pointer to win at the buzzer … unless it’s against the Pacers. Hinkle Fieldhouse, anytime. Amen Corner on an April Sunday…

Mission: possible: Financial crisis averted, but work remains

Humane Society of Indianapolis saved itself in 2004. Poised on the brink of financial disaster, agency leaders came up with a deceptively simple recovery plan: Spend less, raise more and borrow some to make up the difference. So far, so good. Expenses last year came in about a half-percent under budget, fund-raising revenue was up 37 percent, and the shelter didn’t use as much credit as expected. Then there was the real victory-nearly 53 percent of the 8,985 animals that…

Celluloid tax credits?: Incentives for movie makers getting bipartisan support

House Bill 1639 would put in place a hefty set of tax incentives for companies making movies, television shows, music videos, commercials and corporate videos on Hoosier soil. Though the bill has bipartisan support in the House, a similar measure was spiked last year because of concerns over lost tax revenue. Even the bill’s author thinks there could be a fight over the measure in the Senate. Those who think the idea of drawing movie producers to Indiana is far-fetched…

Shining the spotlight on state’s hospital care: Governor asks state Department of Health for a statewide sytem to report medical errors and quality

“You know more about the pizza you buy than the doctor you use,” the Clarian Health Partners CEO said recently. Evans likes talking pizza when he gives speeches about health care quality. He takes his comparison a step further when he explains how hospitals benefit by adding transparency. “If your business is transparent, that is your customer knows you use fresh pepperoni on your pizza and the guy across the street uses frozen pepperoni, the customer’s going to come to…