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Northeast Ohio leaders believe GOP debate will be valuable learning experience for next summer — P. 3 Developer plans to turn former Parker Hannifin headquarters into multitenant business complex — P. 4
Did Steris deal push Synergy to kill big expansion plan? British firm says in court hearing that federal antitrust inquiry was just one factor in decision By CHUCK SODER csoder@crain.com
JOHN GREIM/GETTY IMAGES
If marijuana is legalized in Ohio this fall, a litany of issues will be created for businesses expecting to profit from cannabis.
Legalizing pot is hazy matter for banks, biz By JEREMY NOBILE jnobile@crain.com
34
He wasn’t smoking it. He didn’t even touch the stuff. Yet pot still got the Cleveland entrepreneur kicked out of his bank. The man operated a company providing a supporting service to cannabis farmers and ancillary businesses. His bank eventually connected the dots, realizing (partly because of the business’ name) he was working with marijuanabased companies. Despite decades with the same bank, when his ties to the cannabis industry were discovered, his business accounts were closed. His personal ones came next, said Walter |
from growers, dispensaries and other marijuana-related enterprises because of federal laws and regulators who penalize banks for engaging with what they still classify as highly risky, federally illegal businesses. And that creates a litany of issues for those expecting to get into the legal marijuana business from complicating everyday transactions to setting them up as targets for crime So where will a company’s money go if weed is legalized in Ohio? The answer is hazy at best. “For banks asking the question about whether they should get involved with marijuana-related See POT, page 22
Steris CEO Walt Rosebrough briefly took the stand at a federal hearing held to determine whether Steris’ effort to buy Synergy Health caused Synergy to call off its U.S. expansion plans — plans that could hurt Steris’ product sterilization business. Rosebrough said he didn’t know about Synergy’s plan to build several U.S. plants that would use a new sterilization technology based on X-rays. Why not? Synergy doesn’t generate much revenue from that technology today, he noted. Plus, “we were told to avoid any conversation that could be seen as anticompetitive,” he said. — Chuck Soder If the answer is “no,” he won’t. In that case, the massive deal — which would give Steris a bigger global footprint and a lower British tax rate — would most likely go through. The case could go all the way to the Supreme Court, he said. It’s not your standard antitrust case: For the most part, Steris and Synergy operate in different parts of the world. So they aren’t major competitors — today. Polster, however, believes that case law gives the FTC the right to stop deals that would prevent future competition. He might not be the final word, however: If he blocks the deal, the case would go to an FTC trial in October. If Steris and Synergy lose, they could appeal. See STERIS, page 23
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Haverfield LLP attorney Kevin Murphy. Murphy, who provides legal counsel to the businessman, said the individual prefers to remain unidentified. “All his accounts got flagged,” Murphy said. “Think about all the transactions that are set up on a wire. All that stuff had to be recreated after 40 years. It’s definitely not easy when your bank cuts you off like that.” If marijuana is legalized in Ohio, which could happen this fall through Issue 3, those issues will become even more common here — unless federal laws are changed. Federally insured banks generally won’t knowingly accept money
One question could determine whether Steris is able to close the biggest deal in its history — and become a British corporation in the process. A few months after the Mentorbased company announced that it would buy Synergy Health for $1.9 billion, Synergy canceled an aggressive expansion plan — a plan that involved stealing customers from Steris and other sterilization service providers. One Synergy executive sent emails to colleagues suggesting that they might have to alter the plan to avoid competing with Steris. And he later suggested that the company pull the plug on the plan, citing a prolonged antitrust inquiry launched by the Federal Trade Commission. But that doesn’t mean that the FTC will win the lawsuit it filed to block the deal. Several Synergy executives defended their actions last week during a three-day-long hearing at the Carl B. Stokes U.S. Court House in downtown Cleveland. They claim that Synergy was going to cancel the plan anyway, for financial reasons. So now U.S. District Court Judge Dan Aaron Polster has just one question to answer: Is it likely that Synergy would move ahead with the plan, if it weren’t for the merger? If the answer is “yes,” then Polster will issue an injunction that would temporarily block Steris from buying Synergy.
CEO: I DIDN’T KNOW
OHIO MBA GUIDE Our annual analysis of the graduate programs offered by colleges, universities ■ Pages 11-19 PLUS: PROGRAM HIGHLIGHTS ■ SCHOLARSHIPS ■ & MORE
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52 TIPS FOR YOUR BUSINESS
#34 – Solving the Foreign Hiring Puzzle Nationals of other countries represent H ZPNUPĂ„ JHU[ WVY[PVU VM [OL < : ^VYRMVYJL (JJVYKPUN [V [OL < : )\YLH\ VM 3HIVY Statistics, there were 25.7 million internationally born employees working in the <UP[LK :[H[LZ K\YPUN H Ă„ N\YL [OH[ YLWYLZLU[Z VM [OL [V[HS ^VYRMVYJL PU the country. (Z OPYPUN MVYLPNU UH[PVUHSZ PZ LZZLU[PHS [V [OL < : LJVUVT`¡[OL )3: UV[LZ [OH[ [OL U\TILY VM [OLZL ^VYRLYZ V]LY [OL HNL VM JVTWYPZLK VM [OL UH[PVUÂťZ ^VYRMVYJL PU ¡LTWSV`LYZ ULLK [V \UKLYZ[HUK [OL WYVJLZZ SPTP[H[PVUZ HUK ILULĂ„ [Z VM OPYPUN H foreign national, said attorney Erin Brown, a WHY[ULY H[ 9VILY[ )YV^U 33* ¸)LMVYL THRPUN HU V LY JVTWHUPLZ ULLK to be asking themselves, ‘What do we need [V KV [V IL Z\YL ^L HYL JVTWS`PUN ^P[O < : 0TTPNYH[PVU SH^Z&š :OL PKLU[PĂ„ LK H U\TILY VM MHJ[VYZ HU employer should be aware of in advance of hiring a candidate who is not a citizen or WLYTHULU[ YLZPKLU[ VM [OL <UP[LK :[H[LZ
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Erin Brown, Robert Brown LLC
i Want more expert advice? Check out
she warned. Some visas, for example, are good for a limited duration, usually a few years, and need to be renewed. It is good practice to put a system in place to keep track of such expiration dates. -\Y[OLY THU` ]PZHZ HYL LTWSV`LY ZWLJPĂ„ J SPONSORSHIP ;OL Ă„ YZ[ Z[LW PZ [V KL[LYTPUL ^OL[OLY [OL ;OL LTWSV`LY ^PSS ULLK [V Ă„ SL H WL[P[PVU ^P[O potential new hire requires visa sponsorship. < : *P[PaLUZOPW 0TTPNYH[PVU :LY]PJLZ If the person is a foreign national, know what to obtain employment authorization in the type of visa the foreign national currently <UP[LK :[H[LZ possesses, the type of visa they may require and the expiration dates (and maximum stay) PLAN AHEAD (K]HUJL WSHUUPUN ^PSS OLSW LHZL LT for the particular visa type. Expiration dates can be particularly tricky, ployment headaches later on, Brown said.
Linktunity (www.cose.org/linktunity), an online forum connecting business owners with creative solutions to the tough questions they face every day.
COSE’S TAKEAWAY There are a lot of moving parts involved in hiring a foreign national. Companies should start the planning process early to help guard against any hang-ups.
WORKFORCE DEVELOPMENT
Tri-C Focuses on Key Employment Areas 7/6;6 *6<9;,:@ 6- *<@(/6.( *644<50;@ *633,.,
William Gary has heard a familiar refrain from employers in the year he has served as executive vice president, workforce development division, at Cuyahoga Community College. ¸;OL` HYL ZH`PUN Âş>L ULLK X\HSPĂ„ LK PUKP]PK\HSZ UV^ š OL ZHPK K\YPUN HU (\N\Z[ TLL[PUN VM *6:,ÂťZ (K]VJHJ` Committee. “We need skill sets that will OLSW I\PSK V\Y IV[[VT SPULZ UV^ š Tri-C is working to address those conJLYUZ 6OPVÂťZ Ă„ YZ[ JVTT\UP[` JVSSLNL PZ refocusing on key areas that are expected to be areas of employment growth going forward: information technology, healthWilliam Gary, care, professional services, public safety Cuyahoga Community College and advanced manufacturing. “These are the sectors that drive the 6UL L_HTWSL VM ;YP *ÂťZ YLUL^LK MVJ\Z 5VY[OLHZ[ 6OPV LJVUVT` š OL ZHPK HKKPUN [OL JVSSLNLÂťZ L_LJ\[P]LZ KV UV[ ^HU[ [V was seen earlier this summer when it held train students for jobs that might be in short [OL Ă„ YZ[ + THU\MHJ[\YPUN JVUMLYLUJL PU Ohio, which was attended by more than supply in the future.
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Join us on Sept. 10 for the 16th annual OHTec CIO Symposium, the longest-running gathering of IT executives in Northeast Ohio.
August 24
By The Numbers Small Business Labor Trends
2,026,700 Northeast Ohio employment in 2012
2,161,100 Projected Northeast Ohio employment in 2022
6.6
Percentage change
SOURCE: OHIO DEPARTMENT OF JOB AND FAMILY SERVICES
Connection Calendar COFFEE WITH COSE Get an early start with other COSE members at this casual round table session. Discuss tips HUK [YPJRZ VM [OL [YHKL V]LY H J\W VM JV LL :OHYL your challenges and successes with your peers, and get real advice on how to grow your business!
SEPTEMBER 16 8:30 – 10:00 AM Panera Bread, Solon Cost: $5 Register at www.cose.org/events.
ADVOCACY MEETING 1VPU \Z MVY [OL Ă„ M[O (K]VJHJ` *VTTP[[LL 4LL[PUN VM [OL `LHY ;OL *6:, (K]VJHJ` *VTTP[[LL WYV]PKLZ a forum for volunteers to discuss, research and share [OL ZWLJPĂ„ J ]HS\LZ WYPUJPWSLZ HUK WVSPJPLZ VM *6:, VU W\ISPJ PZZ\LZ H LJ[PUN V\Y TLTILYZ
OCTOBER 9 8:00-10:00 AM *6:, V JLZ *SL]LSHUK Register at www.cose.org/events.
10TH ANNUAL COSE SMALL BUSINESS CONVENTION 5V^ PU P[Z [O `LHY [OL *6:, :THSS )\ZPULZZ Convention is the premier event for entrepreneurs HUK ZTHSS I\ZPULZZ V^ULYZ PU [OL 4PK^LZ[ 7HY[ULYZ from across the region come together to produce the ultimate experience for small business professionals, complete with nationally-recognized keynote speakers, a business-to-business trade show, special events and unforgettable networking experiences.
OHTec brings together thought leaders from the region and from around
OCTOBER 21-22
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*SL]LSHUK 7\ISPJ (\KP[VYP\T Conference Center, Cleveland
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Check out www.cose.org/events for all the latest happenings.
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CRAIN’S CLEVELAND BUSINESS
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Akron will get piece of action Rubber City expecting ‘significant financial boom’ from convention By DAN SHINGLER dshingler@crain.com
And rounding out the ticket for the 2016 Republican National Convention is … Akron. The Rubber City won’t get as much publicity or business boost as Cleveland does, when the bigger city to the north hosts the GOP convention on July 18-21, 2016. But Cleveland’s smaller neighbor is expecting to get quite a boost of its own from the big political event. That’s because Cleveland is not big enough to fully contain the 50,000 partisans, politicians and media members expected to come to town for the big event. “It’s going to be a huge week and certainly a significant financial boom to the Akron community in July of 2016,” said Gregg Mervis, president of the Akron/Summit Convention & Visitors Bureau. There was a time when Akron and Cleveland functioned independently on just about everything, with little communication or cooperation on big issues and events, but not anymore — at least when it comes to the convention. Today, Northeast Ohio functions more like a region, and convention organizers in Cleveland are keeping in constant contact with Mervis and his team. “We have been working closely with the Akron CVB to make sure they are engaged with the opportunities that hosting the Republican National Convention will create,” said Jennifer Kramer, a spokeswoman at Destination Cleveland. Indeed, Mervis and others representing Akron’s hospitality and tourism industry have been working with Destination Cleveland and members of the convention’s Cleveland Host Committee since before the Republican Party announced it would bring its convention here. The work includes helping to secure the hotel rooms that local organizers needed in order to win the bid, Mervis said. “We were part of the bid package from word one. A large percentage of our hotels have already committed to the (event),” Mervis said. “Our understanding and belief is that a significant portion of the rooms that will be held for the guests will be in Summit County.”
How will they rate? Hotels in and around Akron are expecting to be booked up the entire week of the convention, if not before. “We anticipate a significant amount of demand in the whole region,” said Mike Kelly, general manager of the 140-room Hilton Garden East Hotel, which opened on Akron’s East Market Street early this year. The entire hotel is committed to the event, though Kelly said he doesn’t yet know which blocks of See AKRON, page 7
CHIP SOMODEVILLA/GETTY IMAGES
The Aug. 6 GOP presidential debate at Quicken Loans Arena was a primer for next summer’s Republican National Convention in Cleveland.
REFLECTING ON THE DEBATE Republicans’ recent gathering in Cleveland was valuable learning experience for biz community By JAY MILLER jmiller@crain.com
Now that the hype surrounding the Aug. 6 GOP presidential debate in Cleveland has died down, officials are able to turn their attention to what they’ve learned from it and to begin addressing issues for the really big show: the 2016 Republican National Convention. Fred Szabo, commissioner of Cleveland Hopkins International Airport and now interim director of the Cleveland Airport System, said he believes the airfield and terminal will be ready for the heavy convention demands next July. He acknowledged, though, that the Aug. 5-6 crush the airport saw for the debate will multiply many times over for the weeklong convention and the Republican meetings that precede it. The airport, which handled about 12,500 arriving passengers on an average day in June and 87,500 over an average June week, according to Cleveland Hopkins’ monthly report, will be the entry point for many of the 40,000 delegates, media and others coming in for convention week. Szabo said he won’t be able to fully prepare until 90 to 120 days before convention week, when he’ll learn how the airlines will be adding to their service to Cleveland to handle the influx of travelers. The airport’s plan for convention week, as it was for the debate, will be to isolate arriving — and then departing — convention traffic so it can move quickly through the terminal. Szabo expects to add
RNC CLE
2016 GOP CONVENTION ■ When: July 18-21 ■ Host site: Quicken Loans Arena ■ Hotel rooms requested: 5,000 downtown and 16,000 total in Northeast Ohio ■ Anticipated visitors: 50,000 ■ Anticipated media: 15,000 Source: www.2016cle.com
special signage to funnel conventiongoers through to taxis, limousines and the Red Line Rapid Transit, and to station staff around the terminal to answer questions and direct traffic. Security, too, will be beefed up, though the debate reminded Szabo that the airport will have to coordinate security with the staffs of the governors, members of Congress and other public officials who travel with their own security teams. The construction underway at Hopkins — the terminal is getting a major facelift — has made for cramped quarters and improvised traffic flows through the terminal and on airport roadways. But, Szabo said, Mayor Frank Jackson has pledged that work will be completed before next July. “Everything went well during the (debate) week,” Szabo said. “But the debate and the convention will be two different experiences.” If there is a traffic jam, though, it might be at Burke Lakefront Airport. James Price, manager of the Landmark Aviation private terminal at the downtown airport favored by the private jet crowd, said
100 aircraft were jammed onto the tarmac at Burke on the night of Aug. 6, spilling over onto the taxiway. “(Burke) was getting short on space,” Price said. “The reality is, the airport will fill up (during convention week), and at some point we won’t be able to accept any more aircraft.” He said it’s likely that some traffic will have to be diverted. Since Burke already is the diverter airport for Hopkins, more distant airports such as Cuyahoga County Airport in Richmond Heights, Lorain County Regional Airport in Elyria and Lost Nation in Willoughby will need to be prepared for convention traffic. Price pointed out that tarmac space might be even more constrained during the convention week since Burke likely will play host to aircraft that are part of the Secret Service’s security plan. In the past, when the president’s Air Force One came to town, a security transport would be parked at Burke. Actually, Landmark had a better practice run than the debate — the Cleveland Cavaliers’ run for the NBA championship. “We had our entire staff during the NBA Finals, and much of the staff during the earlier playoffs, pretty much living down here at the airport,” he said. Also, Landmark is rushing to build a new terminal that Price anticipates will be open before convention aircraft arrive.
About that construction … For David Gilbert, president and
CEO of the Cleveland 2016 Host Committee, the Republican debate stay was a valuable learning experience. “It gave us a great chance to meet with a number of people from the Republican National Committee to get their feedback on what we’re planning and we got ideas that they have,” he said. “These were people who have been to lots of conventions.” In particular, Gilbert said he learned about the kinds of concierge services — special services, such as arranging sightseeing visits or even special personal services — convention attendees need and got a better understanding of how the cadre of volunteers should be structured. His interactions also gave him the opportunity to allay concerns about the amount of construction chaos debate visitors encountered at the airport and around downtown. “One thing we really tried to impress upon people was that all of the construction that they saw will be done and gone,” Gilbert said. “That was important for us to reinforce the message that this is not what you’ll see next summer.” Convention week 2016 may be no different than earlier this month for the Renaissance Cleveland Hotel. The Public Square hotel was fully booked for the debate and for the RNC summer meetings that kicked off Friday, Aug. 7, and ran through the weekend. “We were extremely busy, and we’ll be extremely busy next year as well,” general manager Steve Groppe said. “We knew exactly See DEBATE, page 22
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CRAIN’S CLEVELAND BUSINESS
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Former Parker Hannifin home will be transformed
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Lawyer turned entrepreneur turned real estate developer Lance B. Johnson is getting ready to turn the lights back on at the former Cleveland Clinic administrative center and one-time headquarters of Parker Hannifin Corp. in Cleveland. However, he plans to do so only one floor at a time in the massive office, warehouse and former data center with a half-million square feet of space on 17 acres at 17325 Euclid Ave. Electricity and natural gas costs are substantial for bringing back to use the property as a multitenant business complex, Johnson said in an interview as he toured the project last Wednesday, Aug. 19. Utility costs may be high, but he got the property for virtually a pittance. According to Cuyahoga County land records, Johnson’s Chandler Park LLC paid just $400,000 on Aug. 13 for the building. In other words, he paid about 76 cents a square foot for the site, which is essential for his plan to offer inexpensive office and industrial space in the complex. “For almost 100 years, there’s been no access for the community to this property,� Johnson said of the complex surrounded by a chain-link fence topped with barbed wire. “For this to flourish, it has to become a community center, a home for businesses and activities associated with the community.� Johnson, a friend and former general counsel for real estate developer and I-X Center operator Ray Park, plans to use what he learned working with Park: Don’t spend money carving up space for tenants, but find space within the complex that works for them. Cleanups and fixups are the orders of the day. The well-maintained property has cabling and telephone wiring suitable for its former role providing computer and telephone services for the Clinic’s far-flung properties. “That’s the only way to offer low rents,� Johnson said. Heather Phillips, a Clinic spokeswoman, said the health care institution found in Johnson what it promised the city of Cleveland when it said it was moving about 700 employees to offices it owns in Beachwood and shutting the Cleveland property. “We made a commitment to the city of Cleveland that we would find a ‘reliable and responsible buyer’ or pay for the demolition of the building if one could not be found,� Phillips wrote in an email. “We were very diligent and conscientious in our effort to find the right buyer for the Parker building that would be beneficial for the community.� Parker Hannifin had donated the complex to the Cleveland Clinic in 1997 after it moved to a new corporate headquarters in Mayfield Heights.
Volume 36, Number 34 Crain’s Cleveland Business (ISSN 0197-2375) is published weekly at 700 West St. Clair Ave., Suite 310, Cleveland, OH 44113-1230. Copyright Š 2015 by Crain Communications Inc. Periodicals postage paid at Cleveland, Ohio, and at additional mailing offices. Price per copy: $2.00. POSTMASTER: Send address changes to Crain’s Cleveland Business, Circulation Department, 1155 Gratiot Avenue, Detroit, Michigan 48207-2912. 1-877-824-9373. REPRINT INFORMATION: 212-210-0750 Subscriptions: In Ohio: 1 year - $64, 2 year - $110. Outside Ohio: 1 year - $110, 2 year - $195. Single copy, $2.00. Allow 4 weeks for change of address. For subscription information and delivery concerns send correspondence to Audience Development Department, Crain’s Cleveland Business, 1155 Gratiot Avenue, Detroit, Michigan, 48207-9911, or email to customerservice@crainscleveland.com, or call 877-824-9373 (in the U.S. and Canada) or (313) 446-0450 (all other locations), or fax 313-446-6777.
Tenants large or small Johnson said he received information about the property when the Clinic’s broker, CBRE Group Inc., mailed a packet about the of-
STAN BULLARD
Developer Lance B. Johnson plans to turn the massive space at 17325 Euclid Ave. in Cleveland into a multitenant business complex. fering to surrounding property owners. Johnson owns two adjoining buildings facing London Road that were part of the foundry where the original owner of the complex, the Chandler Auto Co., made engines for autos it assembled in the plant. The name for the company Johnson formed to own the property is drawn from the original owner, Chandler-Cleveland Motorcars Co., which built the plant on a greenfield site in 1919. Chandler made 16,000 of its Cleveland touring cars there in 1920. Chandler later was sold to the former Detroit-based Hupp Co, which made frames there for the Huppmobile. Parker bought the factory in 1935. The plan for Chandler Park is simple: Johnson will lease space to businesses that will provide amenities for tenants of the complex, such as a day care center and barber shop. He already has leased the former kitchen, cafeteria and executive dining room to a business that will operate a shared kitchen for startup food makers and store their goods in its massive refrigerator. The same group will cater food services to community groups that want to meet there or tenants who want to conduct sessions in the complex. The first floor will offer space to industrial concerns such as warehouses or small manufacturers, while part of the second floor will offer offices in a shared services arrangement. Chandler Park has leased a 144square-foot office, complete with desks and cabinets, for $50 a month. A suite of three offices was taken by a small marketing firm for just $1,100 monthly. As tenants outgrow shared or small offices, Johnson will offer them larger ones, which the property has in abundance. The tall-ceilinged first floor has multiple docks and garage doors designed to serve multiple industrial concerns. Successfully leasing the floor will put the complex on a sound financial footing, Johnson said. The complex also has a 20,000-square-foot, raised floor computer room and backup power suitable for two data centers, he said.
‘I believe in capitalism’ Cleveland Councilman Jeff Johnson, whose Ward 10 includes the complex, visited Chandler Park to hear about Johnson’s vision firsthand “I love what he plans for the property,� the councilman said. “I love the name in honor of the original auto company and support the gradual repurposing of the building. It’s so visible the last thing we wanted was another boarded-up building.� He said he is promoting the building in his newsletter and ward meetings to help Chandler Park land tenants. There was no request for other aid from the city, the councilman said. For his part, Lance Johnson said he does not plan to pursue city grants or loans for the building, although his tenants are welcome to seek them. He also does not plan to pursue federal historic tax credits, which most developers consider essential for redeveloping old properties. “I learned to be an entrepreneur from Ray Park,� Johnson said. “I believe in capitalism and the free enterprise system.� Although Johnson has not been high profile in the business community, he is known as a good businessman. In a phone interview, Park described Johnson as an “old friend and businessman who worked on quite a few acquisitions for us.� Johnson left Park to launch several of his own companies, including two in the complex next door to Chandler. Prior to Park Corp, Johnson practiced business law at the former Arter & Hadden law firm. Joseph Martanovic, a Hanna Commercial senior vice president who represents industrial properties near Chandler Park, said there is not a lot of demand for office space in that area, but the project will benefit from the tight industrial market, where vacancy is just 5%. Although Johnson plans for Chandler Park to be profitable, that’s not the reason he undertook the project, he said. “It’s the challenge of doing it,� said Johnson, 71, who said he returned to working in business in Cleveland after finding himself bored when he tried retiring in Naples, Fla.
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Higher Learning Commission has concerns about CIM Cleveland Institute of Music’s accreditation could be at risk; school says it is making changes, progress By TIMOTHY MAGAW tmagaw@crain.com
The Cleveland Institute of Music has been put on notice by its accrediting body over issues relating to the venerable University Circle-based conservatory’s academic quality, governance and financial strength. For the time being, the nearly 100year-old institution remains accredited, meaning that its students are still eligible to receive federal aid — a critical source of revenue for most higher education institutions. However, the rap on the knuckles from the Higher Learning Commission indicates that the school is at risk of being out of compliance with its criteria for accreditation. The institute, which enrolled more than 400 students last fall, would not make its president — Joel Smirnoff — available for an interview with Crain’s to respond to the HLC’s claims. However, in a prepared statement, the institute said it has “developed a thorough plan to address the concerns brought forward by the HLC, which are primarily around developing and implementing systematic processes most recently required in accreditation reviews.” “This recent HLC decision does not impact the superior musical education that we provide to our students,” the statement read. “In fact, the work we are doing with the HLC will ultimately enhance their education and experience at the Cleveland Institute of Music as we continue to train the next generation of classical musicians.” The school said it already has made progress on several fronts regarding the claims. As part of that work, the school said it’s hired an associate dean focused on student success, brought on an interim dean with experience in accreditation and pieced together an advisory committee of faculty, staff and trustees to oversee the accreditation work. The school must file a report with the commission no later than September of next year showing evidence it’s made progress. The commission will visit that fall and determine by June 2017 whether the school has ameliorated its concerns or will face further disciplinary actions. In a six-page letter sent to Smirnoff in July, HLC president Barbara Gellman-Danley levied several concerns at the school. Among the several claims, the HLC contends the Cleveland Institute of Music doesn’t
have a history of consistently evaluating the performance of its president, staff, faculty or its board. The HLC also claims the institute “struggles with communication problems between faculty and administrators” and its budget and strategic planning processes “limit collaboration.” Also, the HLC said the institution doesn’t have “systematic processes and set criteria for selecting and retaining faculty with appropriate credentials and teaching experience.” Moreover, HLC said the institute doesn’t have systems in
place to ensure instructors are current in their disciplines. The HLC also said the institute lacks processes to review academic programs that would ensure their quality and continuous improvement. The HLC also cites issues with the Cleveland Institute of Music’s finances. The commission notes that the school boasts a particularly high sticker price — now more than $44,000 a year. However, HLC said the institute offers high tuition discounts, which threaten “its sustainability absent a substantial infusion of external scholarship sup-
port.” A spokesperson for the HLC said it would not comment on the matter beyond the publicly available documents. The Cleveland Institute of Music, of course, isn’t the only local institution on notice by the HLC. Earlier this year, the commission levied similar charges at John Carroll University, the private liberal arts school in University Heights. At the time, John Carroll president Rev. Robert L. Niehoff said HLC wanted the university to confirm its quality by providing more data.
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Westfield Bank is doubling growth in five-year spurts Medina County bank tops $1 billion in assets, aims for $2B by 2020 By JEREMY NOBILE jnobile@crain.com
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Growing pains are pretty common with teenage growth spurts. But for Medina County’s 14-yearold Westfield Bank, growth is coming particularly fast and, seemingly, quite comfortably. The community bank has surged to more than $1 billion in total assets since opening in February 2001. Much of that scale has come in the past five years through a combination of strong organic growth and a couple acquisitions. Westfield had $500 million in assets five years ago, an already respectable size for a local bank building a customer base from the ground up. And with plans to hit $2 billion in the next five, it’s plotting an aggressive growth trajectory. “It’s all part of our vision to get larger and build one of the larger kind of dominant community banks in Ohio,” said Jon Park, Westfield Bank chairman and CEO. It’s well on its way to achieving that goal. Based west of Akron in the village of Westfield Center, the bank’s retail and commercial customer base and overall footprint now spans eight offices from Greater Cleveland’s southern tip in Medina County up through Summit County and bleeding into Cuyahoga County. The bank shares its headquarters with mutual-structured parent company Westfield Insurance, which is under the greater Westfield Group umbrella and a subsidiary of Ohio Farmers Insurance Co. The commercial end, with a weighted focus on small, familyowned businesses with between five to 100 employees, has been the bank’s bread and butter. So with a strong commercial business, to keep up the growth pace, Westfield is setting sights on retail customers and drawing depositors in order to feed capital into its lending pipeline. And attracting depositors can be difficult with interest rates relatively unchanged for so long. Insurance company-banking outfits were more common prior to the onset of new banking regulations established by the Dodd-Frank Act that followed the recession. It’s a special kind of structure as
it is; with the increased burden of federal compliance, many institutions sold their banks or eliminated their charters. But that was never necessary for Westfield. Today, rather than entrenching, they’re building, notes Charlie Crowley, managing director at investment bank Boenning & Scattergood Inc. “Some large insurance companies dabbled in banking and got out because of the regulatory complexity,” Crowley said. “But Westfield seems to be doing a good job within both the banking and insurance worlds, and they seem to have some good things going on.”
“Some large insurance companies dabbled in banking and got out because of the regulatory complexity. But Westfield seems to be doing a good job within both the banking and insurance worlds, and they seem to have some good things going on.” – Charlie Crowley managing director, Boenning & Scattergood Inc. As a whole, Ohio Farmers Insurance Co. logged total assets of $6.2 billion at 2014’s end, an 8% increase over 2013, according to a year-end financial summary. Boenning & Scattergood was involved in both of Westfield’s two mergers to date. The company represented Westfield in its acquisition of the struggling Western Reserve Bank in 2012, which established Westfield physically in Cuyahoga County, and represented the family-owned Valley Savings Bank in its merger with Westfield last fall. Those mergers added roughly $180 million and $130 million in assets each, respectively, to Westfield. Former Valley Savings president Ann Durr, now senior vice president for Westfield, said the deal made sense for the smaller bank, even though its balance sheets were strong, because it allowed the leveraging of Westfield’s scale to better absorb compliance costs and the bank’s technology, like modern online and mobile banking services, while also placing customers with another independent bank.
It also marked a succession plan for the third-generation family, Durr said. The fourth generation wasn’t interested in taking over the bank in the future. For Westfield, whose annual deposits are now around $800 million, both deals pumped up deposits and local market share. According to the Federal Deposit Insurance Corporation, Westfield has just about a 1% market share in the Cleveland-Elyria metropolitan statistical area. But in targeted local areas, like Cuyahoga Falls, that share is about 11%, Park said. In Medina County, its share is about 20%. “It’s just hard for me to wrap my head around,” Durr said, referencing the scale Westfield gained so quickly compared with Valley, which had been around 90 years before the merger. “They have the same kind of culture and the same kind of model (as Valley),” Durr said, “but they also have the firepower that we just couldn’t muster up.”
Staying focused Westfield is a privately held stock bank operated by a company with a mutual form of ownership. To hit $2 billion in the coming years, Westfield could make some additional acquisitions — but it may not be necessary to reach the goal, Crowley said. Park said there are not currently any deals in the works, but he also emphasized that any merger would still be in Northeast Ohio. Of course, you can’t grow at Westfield’s clip without catching the eye of other potential acquirers. Many new banks that tend to expand this fast do, in fact, aim to sell for a lucrative payday. However, Park said he’s made it clear Westfield has no plans to sell. The plan moving forward is to focus on brand awareness and organic growth. New revenues are being invested in technology, existing office renovations, bankers and other support staff — the bank expects to reach 175 employees by year’s end, which would mark a near 50% increase from just two years ago. “We are continuing to grow aggressively,” Park said. “With the infrastructure we have, we can grow quite a bit.”
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delegates or other guests will be assigned to it. The hotel also doesn’t know exactly what it will get in terms of room rates, though the hotel is one that has pledged not to hike its rates and to keep rooms available to conventioneers. “We’ll be booked solid,” Kelly said. “The question is, where are we in the rate picture for the market?” Kelly, and many other hotel operators in Akron and Cleveland, hope the event has a long-lasting positive impact on the region that will pay off not just during the convention, but over the long term. In Akron, the RNC will just be one of summer 2016’s big events. There also is the Bridgestone Invitational golf tournament and Canton’s Pro Football Hall of Fame game and induction ceremony, both planned for August. Fortunately, the football and golf event organizers have agreed not to let their events overlap the convention. “That would be a bad thing,” said Kelly.
Blast from the past Akron’s good fortune likely will extend beyond its hotels, too. Restaurants will get a windfall, and so will major venues like the John S. Knight Center, the city’s primary convocation and convention center, Mervis said. “I am confident that the John S. Knight Center — along with many other venues around our community — will feel the impact of the (Republican convention) by hosting events to complement the amenities offered in Cleveland,” Mervis said. For example, if Republicans
FIG. 4-B
CONTRIBUTED PHOTO
The 65,000-square-foot Stan Hywet Hall and Gardens in Akron is thinking of “great ways” to attract those in the area for the Republican National Convention to its scenic grounds. come to town looking for something a little different than downtown Cleveland, Akron can offer them Downton Abbey. Well, close anyway. The city’s Stan Hywet Hall and Gardens expects to get visitors and to host events related to the convention. Stan Hywet — 65,000 square feet of Edwardian-era opulence built by Akron’s Seiberling rubber magnates — also is working with Destination Cleveland to host convention-related events, said Stan Hywet president Linda Conrad. “We put our name in to be a site for special events. … We will be creative, and think of great ways to introduce Stan Hywet to delegates and the media as well,” Conrad said, noting that the facility has rooms that can handle as many as 200 people at a time for meetings and events.
Share the wealth Akron’s tourism officials and executives are excited about the prospects of next summer, but they say they won’t be alone in sharing in Cleveland’s success. They’ll just be the closest and biggest city to share in it. “Hotel rooms are being booked in this community as far down as Canton. Folks are going to be staying all over,” Conrad predicted. Akron probably will share Cleveland’s good fortune more than most other places, though. And this is one time the city does not mind being the little brother to the bigger city on the lake. “I have every expectation that it will be a great adjunct benefit to what they have going on up there,” Mervis said. “We’re happy to play second.”
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PUBLISHER:
John Campanelli (jcampanelli@crain.com) EDITOR:
Elizabeth McIntyre (emcintyre@crain.com) MANAGING EDITOR:
Scott Suttell (ssuttell@crain.com)
OPINION
Weed out A lot has happened in the effort to legalize marijuana in Ohio over the past few weeks, so let’s cut through the haze. On Aug. 12, Secretary of State Jon Husted announced that ResponsibleOhio had submitted the 300,000-plus signatures needed to get a marijuana constitutional amendment on the Nov. 3 ballot. If voters approve Issue 3, Ohio would become the fifth state in the country to legalize recreational use — and the first to go from an outright ban on marijuana to allowing its recreational use without first legalizing the substance for medical purposes. A week later, the Ohio Chamber of Commerce joined more than 20 other business and medical groups, including the Greater Cleveland Partnership, the Council for Smaller Enterprises and the Ohio Medical Association, in opposing marijuana legalization in the Buckeye State. This week’s report by Crain’s Jeremy Nobile, detailing the banking challenges for a cash-only industry, shows that marijuana legalization is complicated. Should marijuana be legal in Ohio? It’s a fair question. It’s clear there’s a growing shift here and across the country in attitudes toward legalizing the substance. A Quinnipiac poll conducted in July shows that 84% of Ohioans favored legalization of medical marijuana. For broader recreational use, the numbers tightened, with 52% of Ohioans supporting a law allowing adults to possess small amounts of marijuana for personal use. But that’s not the extent of what voters must consider in Issue 3 this fall. Once the smoke clears, it should become apparent to all that ResponsibleOhio’s plan creates more problems than it solves. Chief among them is the fact that Issue 3 hijacks the Ohio Constitution to create an industry that will benefit a select few. The ResponsibleOhio amendment would restrict marijuana growing to specific sites — 10 of them — that are controlled by the investors bankrolling the costly ballot effort. These investors, who include former boy band member Nick Lachey, Taft family members, fashion designer Nanette Lepore and basketball legend Oscar Robertson, would be the only ones who could grow and sell marijuana wholesale in Ohio. State Auditor Dave Yost has been vocal in his opposition to ResponsibleOhio’s effort. He recently wrote in an op-ed in The Plain Dealer: “A legalized, properly licensed market should be available to all comers, not just the few with the money to enshrine into the Ohio Constitution a monopoly for themselves.” The Ohio Legislature agrees, putting another issue on the ballot, Issue 2, that would make it illegal to enshrine such a business model into the constitution. It would essentially block the marijuana measure, though all expect the matter to end up in court should both issues pass. It should never come to that. Voters, even those inclined to favor legalization, should reject Issue 3, the marijuana legalization issue, because it’s as much about greed as it is about weed.
FROM THE ASSOCIATE EDITOR
A guilt-free start to school For much of Northeast Ohio, “Back to School” has arrived. Just like every other year, that sure seemed to get here fast. But unlike every other year, something has changed in me this go-round. The return to the school year always used to bring with it the return of my working-mom guilt. Something about summer always held that guilt at bay, though: My daughter was at a fun day camp, taking field trips, hanging out with friends, getting visits from the ice cream truck every other week. All that pales to boring athome days with me, so I rarely feel guilty in the summer SUE about choosing to work full- WALTON time. The school year was different. At each year’s start, those pangs of guilt would bubble up. I wasn’t there to get her on and off the bus. Evenings were a rush of homework and tasks. I seldom helped with classroom events, and when I did show up at holiday parties, my activities and games invariably bombed with the kids. Yes, I sometimes was a living, breathing stereotype of a working mom: I even got lost in the school once trying to find her classroom to drop something off. No joke. But a couple of things happened last
school year that, thankfully, sent those feelings packing. First, I made the time to go into my daughter’s classroom to help students prepare for the reading portion of the truly bewildering and now-defunct PARCC test. We parsed reading passages and answered questions by looking at language usage. It was right up my alley. Instead of being mortified, as I expected my preteen to be, she was eager. I heard her telling her classmates that her mom could help them figure out the tricky questions because she was an editor and read “ALL THE TIME.” A couple of months later, I was a “visiting professor” at her school and gave a presentation about my career to about 50 kids. I watched my daughter smile as she manned the laptop, happily clicking through my PowerPoint slides (her official job). She liked that I wore a geeky T-shirt about grammar to illustrate my years as a copy editor. She loved it when I told the kids that my favorite book was a dictionary and brought in my years-old, beloved, battered copy. She loved it even more when after the talk, kids came up to us to show us THEIR dictionaries. That day sealed the deal. My working-mom guilt was gone for
good. My daughter finally understood that when I go to work, I am doing something I love. I am doing something that is a huge part of who I am. And what I do can directly relate to her life. We’ve all read the articles that are supposed to help working parents as we struggle through this. The articles tell us we’re professional role models for our kids and that we are showing them how they can have it all, too. I’ve read those articles, but they didn’t stop me from sometimes feeling that familiar guilt. That didn’t stop until those days in my daughter’s classroom. It takes those personal moments to really bring those messages home. So, share something about your profession with your kids. Take what you do and apply it to something in their lives. Give them a sense of what you do and why, and why you love it. Their reaction just might surprise you, and you might get your own epiphany, too. Yes, the start of the school year still means crazy-busy days are upon us, and our lives will be as hectic as ever. It, too, likely means I’ll be getting lost in another school. But that aha moment was one of the best in my both my career and my time as a parent. I found out my daughter is proud of me. And what parent, working or not, doesn’t love that?
than low-cost countries make the U.S. an attractive place for reshoring. — Sandy Montalbano
mind that there were significant donations that came in to help with those investments — dollars that were earmarked for specific capital projects and couldn’t be spent elsewhere. As a former higher ed administrator, I find it baffling that there hasn’t been any kind of overhead study released to show where dollars truly are being spent — percentages on buildings/infrastructure vs. administrative salaries/benefits, faculty salaries/benefits, support personnel, etc. — Concerned
TALK ON THE WEB Re: Ford making trucks in Avon Lake As companies adopt a more comprehensive total cost analysis, they are finding that the “hidden costs” of offshoring often counterbalance any remaining savings from cheap price or labor abroad. These companies are investing and sourcing in the U.S. because it makes good economic sense for them to do so. Our skilled workforce, quality and productivity that’s three times higher
Re: University of Akron’s troubles Let’s not forget that former president Luis Proenza wasn’t solely responsible for the spending during his administration. The board of trustees had to approve all funding and investments (the same board now backing these “muchneeded” cuts). And let’s also keep in
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CRAIN’S SUMMER IN THE CITY PHOTO CONTEST “Paddle board sunset” — By Christopher “Biff” Baker Christopher “Biff” Baker was celebrating Father’s Day with his family while boating in the Rocky River when he took this image. At first, he thought he was looking at geese. It wasn’t until his family reached the mouth of the river that he realized it was a group of people on standup paddle boards. Baker, of Chagrin Falls, is an investment adviser at Winfield Associates, Inc. His prize is a tour for 15 at Cleveland Whiskey.
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TALK ON THE WEB (CONTINUED) I am increasingly embarrassed to admit that I have both a master’s degree and a law degree from the university. Such a shame. — John Pierson
Re: Business groups oppose marijuana legalization In the prohibitionist’s world, anybody who consumes the slightest amount of marijuana responsibly in the privacy of their own homes are “stoners” and “dopers” that need to be incarcerated in order to protect society. In their world, any marijuana use equates to marijuana abuse, and it
is their God-given duty to worry about “saving us all” from the “evils” of marijuana use. Who are they to tell us we can’t choose marijuana, the safer choice instead of alcohol for relaxation, after a long, hard day, in the privacy of our own homes? People who use marijuana are smart, honest, hard-working, educated, and successful people, too, who “follow the law” also (except for their marijuana consumption under it’s current prohibition, of course). Not the stereotypical liveat-home losers prohibitionists make us out to be. We are doctors, lawyers, professors and politicians, too. — Brian Kelly
YOUR TURN Crain’s Cleveland Business welcomes letters and commentaries from readers. Letters to the editor should be no more than 200 words in length. Commentaries should be 750 words or fewer. Submissions should be exclusive to Crain’s. Please include your complete name and city from which you are writing, and a telephone number for fact-checking purposes. Email: emcintyre@crain.com Mail: Crain’s Cleveland Business, 700 West St. Clair Ave., Suite 310, Cleveland, OH 44113
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HEALTH CARE INPATIENT MEDICAL SERVICES: Gregory Ferner, M.D., to chief medical officer.
HOSPITALITY INTERCONTINENTAL CLEVELAND HOTEL: Terri L. Kufel to director, Catering and Conference Services.
INSURANCE DAWSON COS.: Serena Turchik to commercial lines account coordinator.
LEGAL BUCKLEY KING: Nathaniel R. Sinn to associate. LAZZARO LUKA LAW OFFICES LLC: Lori A. Luka to equity partner; Gillian A. Steiger to associate. MCDONALD HOPKINS LLC: Robert Cosmo Baraona to senior counsel, intellectual property.
MANUFACTURING A. SCHULMAN INC.: Melinda Reynolds to vice president, global tax. ENERGY FOCUS INC.: Marcia J. Miller to chief financial officer. FORMTEK INC.: Jack Pennuto Jr. to senior vice president.
MARKETING SHARK&MINNOW: Brittany Neish to associate strategist, social influence.
NONPROFIT KOINONIA HOMES: Loryn Zaffle to administrative assistant.
REAL ESTATE CBRE INC.: Brandon Winter to associate, retail services group. TRANSACTION REALTY: Tim Brubaker, Michael Beard and Ronald Shaw to sales associates.
SERVICE LIFE SAFETY ENTERPRISES INC.: Kayla Danesi to vice president.
STAFFING ROGERS GROUP: Nate Wiese, Ian Kilbane, Samantha Hren and Keith Minkin to project coordinators.
TECHNOLOGY MCPC: Kevin Berry to sales support representative.
BOARDS ELIZA JENNINGS: Susan O. Scheutzow (Kohrman Jackson & Krantz LLP) to chair; Margaret G. Weitzel to vice chair; Richard M. Boyson Jr. to president, CEO; Barrie Briggs Spang to secretary; John E. Hunger to treasurer.
FOR COMMERCIAL LEASING INFORMATION, CONTACT: DYANN DAVISON | 216.781.4828 ddavison@KandD.com www.KandDRealEstateServices.com
R ESERV E SQUA R E 1701 EAST 12TH STREET | CLEVELAND, OHIO 44114 ‡ Commercial space available, ‡ Brand new indoor salt water pool with saunas, locker rooms and roof top sundeck. 3,000 sq. ft. to 30,000 sq. ft. ‡ 1HZO\ XSGDWHG VWDWH RI WKH DUW ¿WQHVV FHQWHU ‡ Complete renovation. ‡ Convenience market. ‡ Brand new build out. ‡ On-site management and maintenance. ‡ Access to the building on E. 12th St. and E. 13th St. with 2 manned security stations, 24/7. Key fob access for tenants. ‡ Wireless, cable and IT services. ‡ Attached garage parking. ‡ Central conferencing center and lounge.
‡ Dry cleaning service. ‡ On-site restaurants. ‡ On-site car rental agency. ‡ Florist. ‡ Concierge services. ‡ ATM machine. ‡ Bike storage.
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MBA GUIDE PUBLIC THE UNIVERSITY OF AKRON COLLEGE OF BUSINESS ADMINISTRATION AKRON 330-972-7043 gradcba@uakron.edu TYPES OF MBAS AVAILABLE: The flexible MBA at Akron allows students to attend on a full- or part-time basis. Evening and weekend classes provide flexibility for employed students. Concentrations that are available are in management; leadership and organizational change; finance; global technological innovation; interdisciplinary; international business; international finance; health care management; supply chain management; and strategic marketing. The interdisciplinary concentration provides the most flexibility. A student can customize the concentration by selecting nine graduate credits to use toward the concentration. Students develop their own plan of study for approval, and it can include graduate courses from outside of business. MBA PROGRAM HIGHLIGHTS: The fifth cohort of the Saturday MBA program will start on Aug. 30. Students take courses using distance-learning technologies at the Medina County University Center and the University of Akron Lakewood Center, every other Saturday for two years. The in-class experience is supplemented with online technology. Students take three courses per semester using this hybrid format. The same students attend classes together over the two-year period. The new cohort will run from fall semester 2015 through summer semester 2017. Total cost for this two-year program is $33,000. CLASS LOCATION: Most classes are held on the main campus in Akron. Saturday MBA classes use distance-learning technologies at the Medina County University Center and the University of Akron Lakewood. ONLINE OPTIONS: A number of online courses were implemented this past year with the intent of having all appropriate MBA courses online by fall 2016. These courses will be offered in a blended, hybrid format as part of the flexible MBA program. REQUIREMENTS FOR ADMISSION: Applicants should be well-rounded individuals with compelling professional or educational experience. Applicants should provide evidence of interest in, and potential to fulfill, a leadership role in organizations. A GMAT score of at least 500 is required with scores of at least the 50th percentile on all sections of the GMAT preferred. Students who have taken the GRE, MCAT or LSAT may request consideration for admission based on those scores. A minimum
score of 50% on all sections of the test is expected. Students holding a master’s, doctorate or juris doctor (law degree) from a U.S. university may request admission based on those degrees. The student’s overall application will be reviewed, but the GMAT still may be required for admission. No specific undergraduate major is required. Two reference letters are required as well as a resume, statement of purpose and transcripts. The average GMAT score and four-year GPA for those admitted is 588 and 3.30, respectively. More admission requirement information can be obtained from the school. SCHOLARSHIP/FINANCIAL AID AVAILABLE: Graduate assistantships are available for full-time students. They offer full and half scholarships and a stipend for working 20 or 10 hours per week, respectively. About 20 to 25 new awards are granted per year. GENERAL TUITION/FEE INFORMATION: Tuition and fees for the flexible MBA program are $496.12 per credit hour for Ohio residents, and $796 for nonresidents. SIZE OF MBA PROGRAMS: In 20142015, 289 MBA students were enrolled.
BOWLING GREEN STATE UNIVERSITY BOWLING GREEN 419-372-2488 bgsumba@bgsu.edu TYPES OF MBAS AVAILABLE: Full-time MBA, which is an accelerated one-year program with specializations in accounting and finance; an executive MBA, which is a part-time weekend program; and a professional MBA, which is a part-time evening program. MBA PROGRAM HIGHLIGHTS: The fulltime program is a cohort-based, accelerated one-year format open to students from any undergraduate major. BGSU’s MBA programs are accredited by the Association to Advance Collegiate Schools of Business (AACSB). According to the school, it received the second-highest ratings in Ohio by The Princeton Review for academic experience and admissions selectivity. CLASS LOCATION: Full-time and executive MBA classes are held at the main campus in Bowling Green. Professional MBA classes are held in Perrysburg and Findlay. ONLINE OPTIONS: None REQUIREMENTS FOR ADMISSION: Full-time MBA: bachelor’s degree; official transcripts; GMAT, minimum 500; two letters of recommendation; resume; selfevaluation; and a GPA requirement, 3.0 (international students must have a TOEFL of 80). Executive MBA: bachelor’s degree; official transcripts; GMAT (waived if
applicant has 10 or more years of professional/managerial experience or possesses a graduate degree from a regionally accredited U.S. college or university); one letter of recommendation; resume; and self-evaluation. Professional MBA: bachelor’s degree; minimum of three years’ working experience; official transcripts; GMAT, minimum 500; two letters of recommendation; resume; and self-evaluation. SCHOLARSHIP/FINANCIAL AID AVAILABLE: Financial aid is available to full-time students in a variety of forms, including graduate assistantships, student employment and loans. The executive MBA and professional MBA have tuition deferral for students who receive financial assistance from their employers. GENERAL TUITION/FEE INFORMATION: Full-time MBA, total program cost, Ohio resident, $18,000; nonresident, $28,959. Executive MBA, total program cost, $38,500. Professional MBA, total program cost, $24,252. SIZE OF MBA PROGRAMS: Full-time MBA total, 40 per cohort; executive MBA, 25 per cohort; and professional MBA, 30 per cohort.
UNIVERSITY OF CINCINNATI CINCINNATI CARL H. LINDNER COLLEGE OF BUSINESS 513-556-7024 (Jason Dickman) graduate@uc.edu TYPES OF MBAS AVAILABLE: The Lindner College of Business offers both a full-time and part-time MBA program. Classes for each are available during the day, evening and weekend as well as online. A fully online MBA is now available. Students can specialize their MBA with one of more than 20 graduate certificates in functional areas such as marketing and finance, and in cross-disciplinary topics, such as business analytics, entrepreneurship and health care administration. The full-time MBA program includes a 12-month accelerated program and a 15-month accelerated program with an internship. Also available is a dual-degree program, which includes a 21-month MBA/master of science/master of arts program, completed within the Lindner College of Business. There also are joint degrees — MBA/arts administration; MBA/law; MBA/medicine; and MBA/nursing — as well as a part-time option, which is two years with flexible sequencing. The fiveyear accelerated engineering degree (ACCEND) program allows engineering students to earn an undergraduate engineering degree plus an MBA. All MBA students are invited to complete a discipline-specific certificate in conjunction with their MBA. The ACCEND option is also available for undergraduate students in the IT program, through the College of Education, Criminal Justice
and Human Services. Twenty-three certificates are offered including marketing, finance, international business, innovation, data analytics, operations excellence and taxation. These graduate certificates are transcriptable and can be included as part of the degree. MBA PROGRAM HIGHLIGHTS: According to the school, the program earned the highest rankings jump of any MBA program in the nation in the U.S. News & World Report 2015 rankings charts. Bloomberg Businessweek recently ranked the Lindner full-time MBA among the Top 50 programs in the nation and U.S. News & World Report recently ranked the Lindner part-time MBA program among the Top 50 programs in the nation, according to the school. In addition to these rankings, the Lindner MBA was recently ranked the No. 1“best value” MBA in the United States based on academic quality, job placement success and tuition affordability by College Atlas, the college said. In terms of program content, students can “build their own” MBA and tailor the degree to their individual needs and interests for a more personalized experience. In addition to specializing their MBA by choosing one of more than 20 graduate certificates, students are able to maximize the program’s flexibility by attending classes during the day, at night, on weekends and/or online. CLASS LOCATION: Main campus. The part-time program also is available at the Blue Ash Carver Woods campus. ONLINE OPTIONS: There is an online MBA option available; 100% can be completed online. REQUIREMENTS FOR ADMISSION: Undergraduate degree in any discipline; online application; essay on how an MBA will help in the future; two letters of recommendation; official GMAT score; official IELTS/TOEFEL scores (international students); and current resume. SCHOLARSHIP/FINANCIAL AID AVAILABLE: The Albert C. Yates Fellows offers full tuition for minority students, while university graduate scholarships are merit-based. Need-based financial aid is available through the University of Cincinnati Financial Aid Office. Paxton Fellows and Dean’s Scholarships are available for full-time MBAs, with an emphasis on leadership and interdisciplinary problem solving. Approximately 95% of entering full-time students receive some merit-based scholarship. GENERAL TUITION/FEE INFORMATION: Full-time (10 or more credit hours per semester), Ohio resident, $10,479 per semester, including fees and tuition; nonresident, $14,398 per semester, including fees and tuition. Part-time, $890 per credit hour for Ohio and non-residents (part-time tuition includes rate fees). SIZE OF MBA PROGRAMS: Full-time, 123 students; part-time, 200.
CLEVELAND STATE UNIVERSITY MONTE AHUJA COLLEGE OF BUSINESS CLEVELAND 216-687-3730 s.f.barnes@csuohio.edu TYPES OF MBAS AVAILABLE: Executive, global accelerated, mobile accelerated, full-time and part-time MBAs are offered on campus, off campus, at the Cleveland Clinic, Progressive Insurance and CSU West Center. The executive MBA is a weekend program (19 months). The mobile accelerated MBA is a full-time, online program (12 months). The global accelerated MBA is a weekend program (12 months). MBA PROGRAM HIGHLIGHTS: All Cleveland State University MBA programs hold accreditation by the AACSB, offer flexible course schedules and locations both at CSU’s downtown campus and off campus. Eighty percent of the school’s graduates work in the Northeast Ohio area. In the executive MBA program, students are working professionals in supervisory positions. An international study tour is included during which students meet with executives from top companies. Tuition for the executive MBA program is all-inclusive covering the international tour, meals during weekend classes, parking and books. In the global accelerated MBA program, tuition also is inclusive, including an international study tour, meals during weekend classes, books and parking. The mobile accelerated MBA is 100% online. When students are admitted, they receive an iPad that they use for all courses and textbooks. Tuition includes the iPad and cellular service. The mobile accelerated MBA was recently ranked No. 1 in Ohio and No. 44 in the nation by U.S. News & World Report, according to the school. CLASS LOCATIONS: Main campus (downtown Cleveland); Progressive Insurance (Mayfield Heights); Cleveland Clinic (Cleveland); and CSU West Center (Westlake). ONLINE OPTIONS: The mobile accelerated MBA is a 100% online program. REQUIREMENTS FOR ADMISSION: Requirements for admission vary from program to program. Contact the MBA and Graduate Programs Office within the Monte Ahuja College of Business at 216687-3730 or by email at cbacsu@csuohio.edu SCHOLARSHIP/FINANCIAL AID AVAILABLE: Student loans, scholarships and graduate assistantships are available. GENERAL TUITION/FEE INFORMATION: Tuition and fees vary per program.
KENT STATE UNIVERSITY COLLEGE OF BUSINESS ADMINISTRATION KENT
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TRAINING PRIMARY CARE DOCS TO PRACTICE WHERE WE PREACH. Facing a critical shortage in primary care physicians by 2020, the Ohio University Heritage College of Osteopathic Medicine and the Cleveland Clinic have joined forces to train new physicians inspired to tackle the unique health care issues facing communities throughout northeast Ohio.
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AUGUST 24 - 30, 2015
Executive MBA, corporate and health care tracks, EMBA Concierge Services Office, Joan Janosko 330-672-3622, jjanosko@kent.edu MBA, full-time, part-time, dual degrees 330-672-2282, gradbus@kent.edu TYPES OF MBAS AVAILABLE: Executive MBA with two tracks: corporate professionals or health care professionals; full-time MBA with 10 areas of concentration; part-time MBA with 10 areas of concentration; and five MBA programs with a dual master degree in library and information science, nursing, architecture, translation or communication studies. MBA PROGRAM HIGHLIGHTS: The program is accredited by the AACSB in both business and accounting. According to the AACSB, only 182 institutions have dual accreditation worldwide. Additionally, the college said it ranked as one of the top 10 business colleges in Ohio by U.S. News and World Report; and as a best graduate business school by The Princeton Review; a top-tier executive MBA program in North America by CEO magazine; one of only 23 accounting programs worldwide endorsed by the Institute of Management Accountants; and ranked fourth in Ohio for professional sales education by the Sales Education Foundation. The executive MBA program is inclusive, including all tuition and fees, an international business trip, beginning residency and a Concierge Services Office that takes care of every detail from course registration, textbook delivery, VIP parking and class meals. The EMBA program has two tracks — one for corporate professionals, which meets most Saturdays for 20 months and another for health care professionals that meets once monthly, for 23 months. The parttime MBA has weeknight evening courses, along with advising and is selfpaced. The full-time MBA is a structured daytime program, featuring career development and education abroad opportunities. CLASS LOCATION: Executive MBA for corporate professionals, Kent campus; executive MBA for health care professionals, Kent State College of Podiatric Medicine in Independence; part-time MBA program, Kent campus and Stark campus in North Canton; and full-time MBA program, Kent campus. ONLINE OPTIONS: Executive MBA for corporate professionals, online sessions, second and fourth Saturdays; executive MBA for health care professionals, online sessions, with once monthly classes; part-time and full-time MBA, less than 20% of the program is available online, but several electives are offered online during the summer. REQUIREMENTS FOR ADMISSION: Executive MBA programs, five years of relevant work experience. GMAT may be waived for those with more than 10 years of work experience or advanced degrees. Full-time and part-time MBA, undergraduate degree in any major with official transcripts; GMAT; resume; letters of recommendation; and an essay with goals and objectives. No work experience for full-time MBA, but two years full-time work experience required for part-time MBA. SCHOLARSHIP/FINANCIAL AID AVAILABLE: Executive MBA scholarships are need based. Deferred billing is available for executive MBA students who have employer tuition benefits. Fulltime MBA offers graduate assistantships that cover tuition and a stipend of up to $8,000 for 20 hours of work per week for nine months. The award is renewable. Part-time MBA students receive deferred billing for those who have employer tuition benefits. GENERAL TUITION/FEE INFORMATION: Executive MBA for corporate pro-
fessionals, $43,900; and executive MBA for health care professionals, $44,900. Full-time and part-time MBA credit hour cost, Ohio resident, $495; and nonresident, $837. Full-time enrollment, Ohio resident, $5,432 per semester; and nonresident, $9,190 per semester. Special fees, part-time MBA per semester, $270; and full-time MBA per semester, $600. SIZE OF MBA PROGRAMS: Executive MBA for corporate professionals, 38; executive MBA for health care professionals, 15; part-time MBA, 85; and fulltime MBA, 65.
MIAMI UNIVERSITY FARMER SCHOOL OF BUSINESS WEST CHESTER 513-895-8876 mba@miamioh.edu TYPES OF MBAS AVAILABLE: Part-time. MBA PROGRAM HIGHLIGHTS: The school’s central location in West Chester, bundled tuition that includes all instructional materials and student services are designed to help students balance work, school and home life. The school says its approach focuses on the hard and soft skills needed to excel in business. Small classes are led by a mix of industry experts and full-time, Oxford-based faculty. With limited prerequisites and a schedule developed to accommodate working professionals, completing an MBA in two years is easily within reach. CLASS LOCATION: West Chester ONLINE OPTIONS: Prerequisite online options available only. REQUIREMENTS FOR ADMISSION: Submit online application and copy of undergraduate transcripts, resume, essay and letter of recommendation. Must submit either a GMAT or GRE score. SCHOLARSHIP/FINANCIAL AID AVAILABLE: Student loans. GENERAL TUITION/FEE INFORMATION: $34,200. SIZE OF MBA PROGRAMS: Approximately 115.
OHIO STATE UNIVERSITY FISHER COLLEGE OF BUSINESS COLUMBUS 614-292-8511 mba@fisher.osu.edu TYPES OF MBAS AVAILABLE: Fulltime MBA; working professional MBA; and executive MBA. MBA PROGRAM HIGHLIGHTS: Nationally ranked and accredited; flexible and action-based curriculum; distinguished faculty; small class sizes; close partnerships with local, regional and global business communities; and strong alumni network. CLASS LOCATION: Main campus ONLINE OPTIONS: None REQUIREMENTS FOR ADMISSION: The Fisher College of Business looks for well-rounded students from a variety of backgrounds, with diverse life experiences. The application process requires submitting an application fee, academic transcript, GMAT or GRE score, two letters of recommendation, resume and two essays. SCHOLARSHIP/FINANCIAL AID AVAILABLE: For the full-time MBA program, Fisher provides merit-based funding consisting of scholarships, fellowships, graduate assistantships and housing awards. GENERAL TUITION/FEE INFORMATION: For Ohio residents, full-time MBA, 2015-2016 academic year tuition and fees, $31,139; working professional MBA, 2015-2016 academic year tuition and fees, $20,115.60; and executive MBA, tuition and fees for full program, $115,500 for those starting in spring 2016. SIZE OF MBA PROGRAMS: Full-time MBA, 228; working professional MBA, 320; and executive MBA, 38.
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OHIO UNIVERSITY COLLEGE OF BUSINESS ATHENS 740-593-2028, mba@ohio.edu TYPES OF MBAS AVAILABLE: Professional MBA; online MBA with concentrations in finance, health care, business analytics and executive management; and full-time on-campus MBA. MBA PROGRAM HIGHLIGHTS: The professional MBA is a part-time MBA program designed to meet the needs of emerging business leaders, non-managers moving into managerial roles and individuals whose careers are in transition. A class and residency schedule that recognizes the multiple demands of working professionals allows the student to remain fully employed while earning an MBA degree in 20 months. Most of the program is offered online through virtual classes and online modules with one inperson Saturday residency each month, which is offered in Columbus. The online MBA allows students to complete their degrees in two years with the same academic requirements as those taking the professional MBA degree, and they can acquire a specialization in finance, health care, business analytics and executive management. In addition to the online courses, the program includes one mandatory and two optional on-campus professional development workshops. The full-time MBA is a one-year program designed for students with zero to three years of professional experience who have a strong desire to pursue leadership positions in the business world. Program focus is on building strong business capability in high performing team culture with acute focus on leadership development. CLASS LOCATION: The professional MBA requires once-a-month Saturday residencies offered in Columbus; full-time MBA is held on Ohio University’s main campus. ONLINE OPTIONS: For the online MBA, the entire program is offered online, with the exception of one weekend workshop. For the professional MBA, 80% of the program is offered online through virtual classes and online modules. REQUIREMENTS FOR ADMISSION: The professional and online MBA programs require three or more years of professional experience; a personal/professional statement; resume; three recommendation letters; and a 3.0 cumulative undergraduate GPA. The full-time MBA requires zero to three years of professional experience; a personal/professional statement, resume, three recommendation letters, 3.0 cumulative undergraduate GPA; and a GRE/GMAT score.
CRAIN’S CLEVELAND BUSINESS
WWW.CRAINSCLEVELAND.COM
SCHOLARSHIP/FINANCIAL AID AVAILABLE: Students for the professional MBA are eligible for Ohio University alumni scholarship, corporate partnership scholarships, and loans. Online MBA students are eligible for loans. Many students also receive employer reimbursement. Graduate assistantships and stipends are available for the full-time MBA. GENERAL TUITION/FEE INFORMATION: Total cost, professional MBA, $32,000; total cost, online MBA, $34,000; total cost, full-time MBA, $21,000. SIZE OF MBA PROGRAMS: Professional MBA, 35 students per cohort, 130 students currently enrolled. Online MBA, 450 students currently enrolled; full-time MBA 40 students currently enrolled.
UNIVERSITY OF TOLEDO COLLEGE OF BUSINESS AND INNOVATION TOLEDO 419-530-2087 cobiadvising@utoledo.edu; mba@utoledo.edu TYPES OF MBAS AVAILABLE: The University of Toledo offers a self-paced professional MBA that is delivered with a combination of weeknight and online classes, and a 12-month executive MBA that takes place on campus once per month with the rest of the program delivered online. The professional MBA program has 10 areas of concentration, including marketing, leadership, finance and health care systems management, among others. MBA PROGRAM HIGHLIGHTS: The executive MBA is provided as a 12-month program with a blend of online and oncea-month on-campus classes. The professional MBA program can be taken over 50% online, which allows students the opportunity to complete the program from a distance, including from the Cleveland area. CLASS LOCATION: Main campus ONLINE OPTIONS: More than 50% of the professional MBA can be completed online, and students have the choice whether to take most courses in person or online. REQUIREMENTS FOR ADMISSION: Both the professional and executive MBA programs require a bachelor’s degree, three letters of recommendation and GMAT scores. The GMAT may be waived for accomplished executive MBA applicants who have significant, relevant and progressive work experience and responsibilities. The professional MBA program admits three times per year (August, January and May), and the executive MBA program admits in the fall
term only. SCHOLARSHIP/FINANCIAL AID AVAILABLE: Scholarships are available for the professional MBA, and the size of the scholarships are dependent on merit (work experience, GPA, GMAT scores, fit with program), and they can range from a modest tuition award to full tuition. GENERAL TUITION/FEE INFORMATION: The professional MBA program is priced on a per-credit basis ($527/credit hour). The total cost of the professional MBA program depends on the student’s educational background as well as the number of classes a student takes. The executive MBA is an all-inclusive fee of $42,500, which includes tuition, fees, meals on class weekends and the international study trip. SIZE OF MBA PROGRAMS: The professional MBA program enrolls approximately 300 students; all core classes have a maximum enrollment of 40 students, and elective classes typically enroll 15 to 20 students. The executive MBA program accommodates about 25 people per cohort.
WRIGHT STATE UNIVERSITY RAJ SOIN COLLEGE OF BUSINESS DAYTON 937-775-2437 rscob-admin@wright.edu TYPES OF MBAS AVAILABLE: Wright State offers an evening part-time program, weekend program, full-time program and a completely online program. MBA PROGRAM HIGHLIGHTS: Ten
concentrations are available for students to choose from to supplement the core MBA curriculum: economics; finance; health care management; international business; interdisciplinary business; investments; management, innovation and change; marketing; new venture creation; and project management. Foundation courses are offered in accelerated five-week online courses for students requiring preparation for the core curriculum. The online MBA program offers courses in an accelerated seven-week format. Students may start the Raj Soin College of Business MBA program in the fall, spring or summer semester. Qualified students may be admitted provisionally for one semester prior to completion of the GMAT. CLASS LOCATION: Wright State’s flexible course schedule allows a student to complete the program at his or her own pace. The weekend MBA program is offered at the Dayton main campus and the Celina Lake campus. Weekend courses are offered every other weekend on Friday evenings and Saturday mornings. ONLINE OPTIONS: A completely online program is available. SCHOLARSHIP/FINANCIAL AID AVAILABLE: Graduate assistantships and graduate tuition scholarships are available to students in the full-time program. SIZE OF MBA PROGRAMS: More than 350 students attend Wright State’s MBA program.
YOUNGSTOWN STATE UNIVERSITY WILLIAMSON COLLEGE OF BUSINESS ADMINISTRATION YOUNGSTOWN 330-941-3069 OR 330-941-3524 mba@ysu.edu TYPES OF MBAS AVAILABLE: The Williamson MBA program is offered on the YSU campus and online. MBA PROGRAM HIGHLIGHTS: The program is AACSB-accredited and designed for working professionals. It is structured around a core set of capabilities that position the student to become a stronger leader, decision maker, manager and strategic thinker. Strong emphasis on applied learning. All MBA students complete 39 semester hours, including six hours of electives. Most courses are two credit hours and are delivered over an eight-week session in a business-friendly concentrated format one evening a week. One-credit hour courses are offered in a compressed format. Program can be completed in two years. New admission criteria have been developed that value the importance of work experience. Those with appropriate professional work experience may be eligible for a GMAT/GRE waiver. CLASS LOCATIONS: Main campus ONLINE OPTIONS: The entire program can be completed online. REQUIREMENTS FOR ADMISSION: Application for graduate admission; a letter of application stating professional goals and objectives; a resume detailing
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full-time, professional work experience; an official transcript from each college or institution attended; GMAT or GRE score, and TOEFEL score (international applicants only). Applicants to the MBA program may apply for a waiver for the GMAT/GRE requirement based on a sufficient combination of years of relevant, fulltime, managerial and/or professional work experience and bachelor’s degree GPA. GMAT/GRE not required for those with a terminal degree (Ph.D., MD or JD) in any discipline, or a master’s degree from a regionally accredited U.S. college or university. SCHOLARSHIP/FINANCIAL AID AVAILABLE: Graduate assistantships are available for full-time MBA students. Assistantships include a 24-credit hour tuition waiver and a $7,500 stipend per academic year. Graduate assistants work in one of the business college’s academic departments or centers. Scholarships and grants-in-aid are available to a limited number of graduate students for a maximum of four semester hours per term. Eligible students must have completed at least nine hours of YSU graduate coursework with a minimum of a 3.6 GPA or six hours of YSU graduate coursework with a 4.0 GPA. GENERAL TUITION/FEE INFORMATION: In-state, $476.43; affordable tuition advantage, $486.43; out-of-state, $754.63. SIZE OF MBA PROGRAMS: 170
WWW.CRAINSCLEVELAND.COM
PRIVATE ASHLAND UNIVERSITY ASHLAND 419-289-5214; 888-MBA-CLAS mba@ashland.edu TYPES OF MBAS AVAILABLE: Executive management and specializations in accounting, entrepreneurship, finance, global management, human resource management, project management, supply chain management, management information systems and a sports management concentration. MBA PROGRAM HIGHLIGHTS: Nationally and regionally accredited programs (Accreditation Council for Business Schools and Programs and North Central Association of Colleges and Schools); professors who possess excellent academic credentials and have business experience; flexibility and convenience; four teaching delivery methods — one evening per week for 12 weeks, six alternate Saturdays, hybrid online and online program. CLASS LOCATION: Ashland main campus; Columbus Center in Columbus; Westlake Center (Corporate College) in Westlake; Medina Center in Medina; and Stark Center in North Canton at Stark State College. ONLINE OPTIONS: All online and hybrid online. REQUIREMENTS FOR ADMISSION: A bachelor’s degree from an accredited institution; a cumulative undergraduate GPA of 2.75 or higher; two years of full-time work experience; and a self-assessment of personal managerial competencies. SCHOLARSHIP/FINANCIAL AID AVAILABLE: Graduate students are eligible to receive Stafford loans unless they are in default on a previously received federal loan or have reached their aggregate loan limit of $138,500. Corporate reimbursement and tuition management systems payment plans also are available. GENERAL TUITION/FEE INFORMATION: $632 per credit hour for 2015-16 academic year (36 hours required for MBA degree)
SIZE OF MBA PROGRAM: 525 students.
BALDWIN-WALLACE UNIVERSITY BEREA 440-826-2392 graduate@bw.edu TYPES OF MBAS AVAILABLE: The core of B-W’s program is the MBA in management, which is offered in three formats: traditional evening classes, Saturday-only classes and online hybrid. Students enrolled in the management MBA have the option of a specialization in business analytics, entrepreneurship, human resources or sustainability. Other programs include the MBA in accounting, the health care MBA and the executive MBA. MBA PROGRAM HIGHLIGHTS: The large majority of MBA students are working professionals who have two to 30 years of professional work experience and are pursuing the MBA part-time. The faculty members are an intentionally designed portfolio of full-time Ph.D.s blended with executive business leaders, many of whom have held the position of CEO, COO, CFO or senior vice president in their careers. The B-W MBA program is one of the largest MBA programs in Ohio and has graduates living around the world. CLASS LOCATION: Main campus in Berea and at Corporate College East in Warrensville Heights. The executive MBA is offered only at the main campus. Three-fourths of the coursework for the hybrid MBA is done online, and classes meet three weekends a year in Berea. ONLINE OPTIONS: The management hybrid MBA is a two-year program with approximately 75% delivered online and 25% seated. The seated component is conducted during weekends at the start and completion of each semester. Students have seven weekends of classes at the Berea campus during the two-year program. According to the school, U.S. News & World Report ranks the hybrid MBA as one of the top online graduate
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programs in Ohio and one of the best in the country for military veterans. REQUIREMENTS FOR ADMISSION: Candidates need to submit an online application form, a resumé, official transcripts from all previous academic work, two letters of reference and supply an acceptable GMAT score (unless the candidate has a 3.0 or higher GPA, has taken the GRE or has another advanced degree from an accredited institution). Some programs also require an advising session with the program director. SCHOLARSHIP/FINANCIAL AID AVAILABLE: MBA students are eligible for consideration for federal Stafford loans (up to $20,500 per academic year), which can cover up to 100% of the program’s costs, and for Direct Graduate/Profession PLUS Loans. GENERAL TUITION/FEE INFORMATION: All MBA programs have a tuition rate of $895 per credit hour. Some programs require additional fees for books and meals. SIZE OF MBA PROGRAM: 450 students.
BLUFFTON UNIVERSITY BLUFFTON 800-488-3257, OPTION 4 adulted@bluffton.edu TYPES OF MBAS AVAILABLE: Bluffton graduate students can complete an MBA with a concentration in accounting and financial management, health care management, leadership, production and operations management or sports management in two years, attending class one evening a week. MBA PROGRAM HIGHLIGHTS: Students complete the degree program in cohorts of 15 to 20 students. Courses emphasize interactive, experiential learning rather than the traditional lecture. CLASS LOCATION: Bluffton campus; Edison Community College, Piqua; and Northwest State Community College, Archbold. ONLINE OPTIONS: In collaboration with Eastern Mennonite University and Goshen College, Bluffton offers an online two-year MBA with multiple concentration options available. Program includes two one-week
residencies. REQUIREMENTS FOR ADMISSION: Bachelor’s degree from a regionally accredited institution; a 3.0 GPA in the last half of the bachelor’s degree program; four years of professional experience in the for-profit, nonprofit or private sector; satisfactory completion of writing and math tests; completed online application materials; letters of recommendation; interview with a faculty member; and approval for admission by the graduate programs in business committee. SCHOLARSHIP/FINANCIAL AID AVAILABLE: Students are eligible to apply for William D. Ford Federal Direct Loan programs. Federal direct loans are guaranteed low-interest loans for students attending school at least half time. Students are eligible to borrow a maximum of $20,500 per year. GENERAL TUITION/FEE INFORMATION: Tuition for 2015-16 is $5,445 per semester, bringing the total to $21,780, which includes books, materials and technology fees. Online MBA costs $27,792, which includes tuition, books, fees, residency expense (travel expense not included). SIZE OF MBA PROGRAM: About 100 students
CAPITAL UNIVERSITY CAPITAL UNIVERSITY SCHOOL OF MANAGEMENT AND LEADERSHIP COLUMBUS 614-236-6546 cisgrigg@capital.edu TYPES OF MBAS AVAILABLE: MBA and JD/MBA combined program MBA PROGRAM HIGHLIGHTS: Capital is the longest-running evening MBA program in central Ohio, which helps cater to the working professional. The MBA program requires a minimum of 36 credit hours, including required courses, other foundation courses and one advanced topics course in one of the following disciplines: finance, leadership, marketing or entrepreneurship. Course content focuses on contemporary issues within these disciplines and varies according to the instructor.
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CLASS LOCATIONS: The main campus in Bexley, Ohio. ONLINE OPTIONS: No online-only courses. Course are blended in delivery and emphasize personal interaction, networking and relationship-building. REQUIREMENTS FOR ADMISSION: A minimum of three years of professional work experience. The work experience can be in any environment, but should demonstrate managerial and professional capabilities. Teaching, health care and military service are all considered professional work experience. International students do not need to be employed while pursuing the MBA. Candidates are not required to take the GMAT exam. The admission committee, however, reserves the right to ask the applicant to take the GMAT exam should they not meet the requirements stated above as a way of demonstrating their ability to perform at a graduate level. The minimum desired cumulative GPA from undergraduate degrees is 3.2 on a 4.0 scale. Other factors, such as major, institution reputation, performance after an initial adjustment to college life, and specific performance in different subjects also are considered. A minimum of two professional references are required. References from employers (current or former) are particularly encouraged. References must fill out the Reference Form and attach a recommendation letter to support a candidacy for the Capital MBA program. Expect a personal interview with the MBA director or admission member. International applicants must demonstrate English proficiency by meeting the university’s TOEFL or IELTS requirements. SCHOLARSHIP/FINANCIAL AID AVAILABLE: Evaluated individually. GENERAL TUITION/FEE INFORMATION: $595 per semester hour. SIZE OF MBA PROGRAM: 154.
CASE WESTERN RESERVE UNIVERSITY WEATHERHEAD SCHOOL OF MANAGEMENT CLEVELAND 216-368-6702 weatherhead@case.edu; wsomadmissions@case.edu TYPES OF MBAS AVAILABLE: Full-time MBA, executive MBA, part-time MBA and global MBA. MBA PROGRAM HIGHLIGHTS: The fulltime MBA’s small class sizes provide oneon-one interaction with academic leaders and industry leaders. The full-time MBA is a four-semester, 60-credit program tailored to meet the students’ needs. In partnership with faculty and staff, students create a personalized learning plan,
choosing electives to complement core curriculum for an integrated, yet focused MBA. The EMBA requires 16 total visits to campus, and it is designed to be manageable for busy executives, allowing students from around the world to participate. The curriculum is delivered over five semesters, or 21 months. Both fall and spring semesters are comprised of four, three-day visits. The summer semester is delivered abroad through the 10-day International Study Experience. A newly launched collaboration with the Cleveland Clinic is a program that targets executives in the health care space and involves classes with leading faculty from the Clinic. The part-time MBA is carefully structured for maximum impact in a course of study designed for busy, ambitious professionals. Offering the same challenging graduate education as the full-time program, the part-time MBA is a cohort-based program specially designed to accommodate working professionals. Students begin the program in the summer semester with Weatherhead’s Leadership Assessment and Development course. During the course, students are placed in teams set up to include a diversity of learning styles, and they move through the three-year part-time MBA curriculum with the same group of peers. The Weatherhead part-time MBA is a 48credit hour, three-year program, emphasizing innovative core course pairings and elective options tailored to meet individual interests. The new global MBA program brings students from China, India and the United States together in an 18-month, full-time program. This program is a unique partnership between Tongji University’s School of Economics and Management (SEM-Tongji) in Shanghai, China; and Xavier School of Management in Jamshedpur, India. Each cohort will be comprised of students from Weatherhead, SEM-Tongji and Xavier School of Management. These students will be taught together in lockstep and mixed in teams for projects. Students will spend one semester at each school before returning to their home school for the final semester. CLASS LOCATION: Cleveland, China and India. ONLINE OPTIONS: None. SCHOLARSHIP OPPORTUNITIES: Merit-based scholarship awards and fellowships (select fellowships include internships and/or stipends) are available for full-time MBA programs, including the global MBA. The program participates in the military’s Yellow Ribbon program. Housing is covered while traveling abroad for the global MBA. A tuition-match grant of up to $5,000 per academic year is available for working professionals whose
organizations provide MBA educational benefits to its employees. GENERAL TUITION/FEE INFORMATION: The full-time MBA is $75,000, and the global MBA is $96,000. The part-time MBA is $89,760, and $30,000 scholarships are available to applicants for this program. The EMBA is $98,000, including books, meals and parking; a tuition match grant is available to organizations that invest in employees, up to $5,000 per academic year. SIZE OF MBA PROGRAM: Full-time MBA, about 65 students; global MBA, 15; EMBA, 40; and part-time MBA, 45.
CEDARVILLE UNIVERSITY SCHOOL OF BUSINESS ADMINISTRATION CEDARVILLE 800-CEDARVILLE admiss@cedarville.edu; gradadmissions@cedarville.edu TYPES OF MBAS AVAILABLE: MBA; MBA with operations management concentration; and Pharm D (pharmacy) available. MBA PROGRAM HIGHLIGHTS: This online-only program is affordable and enables part-time completion in two years, making it convenient for business professionals. CLASS LOCATION: Online only. ONLINE OPTIONS AVAILABLE: Yes. SCHOLARSHIP/FINANCIAL AID AVAILABLE: Federal financial aid is available for degree-seeking students. GENERAL TUITION/FEE INFORMA-
TION: $572 per credit hour. Total program estimate, including textbooks, is approximately $21,500. SIZE OF MBA PROGRAM: 35 students per class.
DEFIANCE COLLEGE DEFIANCE 419-783-2325 gradstudies@defiance.edu TYPES OF MBAS AVAILABLE: Leadership or sports management. The MBA program offers courses that are flexible and offered during evenings. Most classes meet in an every-other-week format for eight sessions. Some courses are online and some are in a hybrid manner. MBA PROGRAM HIGHLIGHTS: The MBA degree seeks to provide graduates with a set of skills and abilities with broad applicability to the workplace. The entire program has been developed to create a curriculum where business and businessrelated subjects are taught under the assumption that the student’s own workplace would become the laboratory where theory converts to practice. The curriculum consists of nine core courses or 27 semester hours. CLASS LOCATION: Main campus. ONLINE OPTIONS: Some courses are available online. REQUIREMENTS FOR ADMISSION: Completed admission application; a bachelor’s degree from an accredited institution; minimum undergraduate GPA of 2.75 (if the applicant’s undergraduate GPA is less than 2.75, submit GMAT
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scores, within the last five years); official transcripts of all college level work; two letters of recommendation (one attesting to the applicant’s academic competence and the other to the applicant’s ability to work with people and demonstrate appropriate interpersonal and social skills); goal statement; and $25 application fee. If applying online, the $25 application fee is waived. SCHOLARSHIP/FINANCIAL AID: Defiance College participates in federal and private student loan programs as well as Veterans Administration programs. GENERAL TUITION/FEE INFORMATION: $524 per credit hour plus fees. SIZE OF MBA PROGRAM: 35-40 students.
UNIVERSITY OF DAYTON SCHOOL OF BUSINESS ADMINISTRATION DAYTON 937-229-3733 mba@udayton.edu TYPES OF MBAS AVAILABLE: Whether a student is enrolled full-time for one year or part-time for three years, the University of Dayton MBA Program helps customize the program for individual students. The University of Dayton also offers a joint JD/MBA program as well as post-master’s and certificate programs. Concentrations are available in accounting, cyber-security, finance and marketing. Certificates are available in business analytics, business intelligence, cyber-security, pro-
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ject management and system analysis and design. Post-master’s certificates are available and may be customized based upon the student’s needs. MBA PROGRAM HIGHLIGHTS: An executive-in-residence component aims to ensure the connection between theory and practice. A strong ethics foundation reflects the University of Dayton’s Marianist roots with its unique course “The Principled Organization: Integrating Faith, Ethics and Work.” The program culminates in a capstone course during which students work in teams to apply skills, course theory and professional experience by creating a strategic plan for an organization. CLASS LOCATION: Main campus, the 1700 building at River Campus (former NCR world headquarters), and the LexisNexis Office Park. Cyber-security courses are held at Riverside Research in Beavercreek. ONLINE OPTIONS: Several courses are offered in the online format each semester. REQUIREMENTS FOR ADMISSION: Applicants to the MBA program should submit the following information in addition to the online application: Official academic transcripts must be submitted directly from the college or university; resume; official GMAT scores (minimum total score of 500, with a minimum verbal score of 19) or official GRE scores (minimum verbal score of 149 and a minimum quantitative score of 146). A personal statement and let-
ters of recommendation from professors or employers are not required but will be accepted if submitted. (International students must submit official scores from the TOEFL or IELTS.) SCHOLARSHIP/FINANCIAL AID AVAILABLE: The University of Dayton has financial aid sources available, including graduate assistantships and loans. The school has a 10-month deferred payment plan. Students who receive reimbursement from their employers after courses and grades are complete may opt to defer payment for tuition charges for six weeks after classes are completed. Many employers have tuition policies to cover all or most of the cost of the MBA. For complete information, visit the Office of Financial Aid at http://www.udayton.edu/flyersfirst/financialaid. GENERAL TUITION/FEE INFORMATION: $951 per semester hour.
UNIVERSITY OF FINDLAY COLLEGE OF BUSINESS FINDLAY 800-558-9060 gradinfo@findlay.edu TYPES OF MBAS AVAILABLE: The university offers day, evening and online courses for full-time and part-time students. Students may choose to focus in a number of areas: certified management accountant or certified public accountant, organizational leadership and health care
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management. The university also offers specialized second concentrations in athletic administration, finance, human resource management, international business, marketing and operations management. MBA PROGRAM HIGHLIGHTS: All primary textbooks for MBA classes are free through the school’s book rental program, and the program may be completed in one year as a full-time student. For those who are working, real-world class projects can be tailored to benefit students in their current job. CLASS LOCATION: Main campus ONLINE OPTIONS: The entire program may be completed online. REQUIREMENTS FOR ADMISSION: Bachelor’s degree from an accredited university; an undergraduate GPA of 2.5; and fulfillment of prerequisite competencies. For international students, an applicant must have achieved a verified TOEFL Internet-based test minimum total score of 79 with 20 or better in speaking and 20 or better in writing or a verified international English Language Testing System (IELTS) academic score with a minimum overall band score of 6.5 (with no individual band score below a 6.5). SCHOLARSHIP/FINANCIAL AID AVAILABLE: The university does not offer scholarships for graduate programs, though some external organizations do make them available. The university offers free textbook rental. GENERAL TUITION/FEE INFORMATION: $627 per semester hour. Other
Call 800.504.5278 or visit us online at SouthUniversity.edu
AUGUST 24 - 30, 2015
fees may apply. SIZE OF MBA PROGRAM: 319 students
FRANCISCAN UNIVERSITY OF STEUBENVILLE STEUBENVILLE 740-284-5249 (ENROLLMENT QUESTIONS); 740-283-6281 (PROGRAM SPECIFICS) gradadmissions@franciscan.edu TYPES OF MBAS AVAILABLE: Franciscan University of Steubenville’s MBA is a general management degree with an optional area of concentration in accounting. The MBA offered through the school can be completed online or through a part-time evening program, with two workshop-style courses that meet three weekends throughout the term. The program is offered in trimesters, and it typically takes two years to complete. MBA PROGRAM HIGHLIGHTS: The MBA program requires coursework in managerial leadership, managerial communications and international business. It also is designed to meet the needs of working professionals because almost all courses are offered in the evening; the degree also may be pursued on a parttime basis. CLASS LOCATION: Main campus ONLINE OPTIONS: New online MBA enables all coursework to be completed online. REQUIREMENTS FOR ADMISSION: For admission into the program, requirements include a completed application; three letters of recommendation; a bachelor’s degree with acceptable grades from an accredited university; minimum GPA of 2.5 or a high GMAT score; and undergraduate work in quantitative methods, including calculus, statistics, accounting, marketing, corporate finance, business law and microeconomics. SCHOLARSHIP/FINANCIAL AID INFORMATION: Students enrolled at least half time (five credit hours) may be eligible to borrow federal direct unsubsidized student loans to assist with the cost of tuition. GENERAL TUITION/FEE INFORMATION: MBA courses are $500 per credit hour. Most courses are three hours. SIZE OF MBA PROGRAM: 48 students, including 18 online.
FRANKLIN UNIVERSITY COLUMBUS 614-797-4700 OR 877-341-6300 graduate.admissions@franklin.edu TYPES OF MBAS AVAILABLE: Accredited by the International Assembly for Collegiate Business Education (IACBE), the Franklin University MBA is designed to help students develop into well-rounded, adaptive and strategic-thinking business
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Earn your MBA. Call 800.504.5278, or visit SouthUniversity.edu, to apply today. Programs, credential levels, technology, and scheduling options vary by school and are subject to change. Not all online programs are available to residents of all U.S. states. South University, Cleveland, 4743 Richmond Road, Warrensville Heights, OH 44128. ©2015 South University. All rights reserved. Our email address is materialsreview@southuniversity.edu. See SUprograms.info for program duration, tuition, fees and other costs, median debt, federal salary data, alumni success, and other important info. South University, Cleveland, is licensed by the Ohio State Board of Career Colleges and Schools (30 East Broad Street, Suite 2481, Columbus, OH 43215-3414, 614.466.2752). South University, Cleveland, holds a Certificate of Authorization from the Ohio Board of Regents. Ohio Registration #11-07-1971T.
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leaders. The program can be completed in as few as 16 months. Offered completely online, as well as at four Franklin locations, Franklin’s MBA is designed to meet the needs of ambitious working professionals. MBA PROGRAM HIGHLIGHTS: The school said Franklin’s MBA is globally recognized for excellence and is considered a Best Value in Regionally Accredited Online MBAs by GetEducation.com. The MBA features a practical, hands-on curriculum and real-world projects including a global business simulation. Through coursework designed with the input of industry leaders and taught by faculty with real-world expertise, Franklin University’s MBA program provides a theory-to-practice approach that allows students to immediately apply what they learn and make an impact on their career. Classmates who also are working professionals enrich the experience. Applications are accepted year-round and classes start three times annually (September, February and May). CLASS LOCATION: Main campus (downtown Columbus), Delaware, Dublin and Beavercreek ONLINE OPTIONS: The MBA can be completed entirely online, onsite at one of Franklin’s locations or through a combination of the two formats. REQUIREMENTS FOR ADMISSION: Bachelor’s degree from a regionally accredited institution with a 2.75 GPA. The candidate’s work history, references and other personal qualities and characteristics will be considered. For applicants with a GPA below 2.75 on a 4.0 scale, an evaluation of the GMAT is required. For non-U.S. citizens or those who did not earn their undergraduate degree in a primarily English-speaking country, a TOEFL score of at least 550 (paper-based), 213 (computer-based) or 79 (internet-based) or a IELTS score of 6.5 is required. SCHOLARSHIP/FINANCIAL AID AVAILABLE: Contact financial aid office. GENERAL TUITION/FEE INFORMATION: $635 per credit hour, plus $30 application fee. SIZE OF MBA PROGRAM: 742 students.
HEIDELBERG UNIVERSITY TIFFIN 800-434-3352 aunderwo@heidelberg.edu (Allen Underwood) TYPES OF MBAS AVAILABLE: General management MBA PROGRAM HIGHLIGHTS: Seated courses provide a strong environment for interaction between students and professors and help develop the communication and leadership skills
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that employers demand. The program can be completed part-time over two years, or full-time within 12 months. Heidelberg University’s MBA program is a candidate for ACBSP accreditation. CLASS LOCATIONS: Tiffin campus. ONLINE OPTIONS: None. REQUIREMENTS FOR ADMISSION: Admission primarily is based on professional experience and undergraduate academic performance. No GMAT is required. SCHOLARSHIP/FINANCIAL AID AVAILABLE: Full-time and part-time graduate assistantship positions are available. Scholarship up to $6,000 is also available for full-time students based on undergraduate academic performance. With the Heidelberg + 1 Program, tuition is waived for qualified Heidelberg students. GENERAL TUITION/FEE INFORMATION: $28,665 for the full program. SIZE OF MBA PROGRAM: 40 students.
INDIANA WESLEYAN UNIVERSITY INDEPENDENCE 800-621-8667 EXT. 6207 TYPES OF MBAS AVAILABLE: Health care administration (online only); MBA/master of science in nursing dual degree (online only); virtual delivery in executive management (online only); virtual delivery in international business (online only). All programs are offered with an accelerated yet flexible schedule. Students complete one course at a time in sequential order — either one night per week at one of the local education centers (Independence or Mayfield Heights), or in an online format. MBA PROGRAM HIGHLIGHTS: The university pioneered accelerated programs for adults in 1985 and now is recognized as a model for adult education with more than 60,000 adult graduates across almost 30 years. The school first offered its MBA program in the online format in 1996. Its small class sizes maximize learning experience and interaction and have a motivated student population with average ages of 30 to 45. CLASS LOCATION: Independence and Mayfield Heights — call for onsite class opportunities. ONLINE OPTIONS: Online classes are available in all programs. If a student chooses the online program, the entire degree can be completed in the collaborative distance-learning format. REQUIREMENTS FOR ADMISSION: Baccalaureate or graduate degree from a college or university accredited by a regional accrediting body; an undergraduate GPA of 2.5 or higher from the baccalaureate degree granting institution at which at least a minimum of 30 hours was completed (if above the 2.5 GPA, no GMAT or GRE is required). If an applicant’s GPA is below 2.5, the student may be admitted on a probationary basis, as
established by the DeVoe School of Business. A minimum of two years of significant full-time work experience (30-plus hours/week is considered full time). SCHOLARSHIP/FINANCIAL AID AVAILABLE: Payment options may include federal and/or state financial aid; company-sponsored tuition reimbursement on a deferred payment option; company direct-bill; self-pay; military benefits. GENERAL TUITION/FEE INFORMATION: MBA onsite is $525 per credit hour, with 42 credit hours total. Total program tuition of $25,659.46 includes tuition, books and fees. MBA online is $550 per credit hour, with 42 credit hours total. Total program tuition is $26,709.46, including tuition, books and fees. SIZE OF MBA PROGRAM: Currently more than 700 students enrolled.
JOHN CARROLL UNIVERSITY BOLER SCHOOL OF BUSINESS UNIVERSITY HEIGHTS 216-397-1970 gradbusiness@jcu.edu TYPES OF MBAS AVAILABLE: John Carroll offers the professional MBA for working professionals with at least two years of work experience, and the Boler fifth-year MBA is open to recent undergraduates. MBA PROGRAM HIGHLIGHTS: The professional MBA allows students to take courses that integrate business tools and concepts to solve real-world business problems posed from Northeast Ohiobased companies. The fifth-year MBA allows any student to obtain an MBA in one year if they have taken prerequisite business foundation courses. Students are required to complete an internship as part of the fifth-year MBA program. CLASS LOCATION: Most courses are taught at main campus in addition to onsite visits to Northeast Ohio businesses. ONLINE OPTIONS: Several business foundation courses are offered online. REQUIREMENTS FOR ADMISSION: Official transcripts from all colleges attended, GMAT or GRE scores, a resumé, a letter of recommendation and a personal essay. International students also are required to submit TOEFL scores. A minimum undergraduate GPA of 2.8 and GMAT score of 500 is required for consideration for admission. The undergraduate GPA and GMAT scores for admitted students typically average 3.3 and 540, respectively. SCHOLARSHIP/FINANCIAL AID AVAILABLE: The school offers meritbased scholarships, federal loans and graduate assistantships (tuition remission and monthly stipend). GENERAL TUITION/FEE INFORMATION: $855 per credit hour. The total program cost ranges from $25,000$28,000.
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LAKE ERIE COLLEGE PAINESVILLE 440-375-7075 dbares@led.edu (Donna Bares) TYPES OF MBAS AVAILABLE: Lake Erie’s most popular option, the evening MBA, allows students to take anywhere from one to four classes per semester, with each class meeting one evening per week. Students are able to create their own schedule, with complete flexibility each semester. Most students complete the program in roughly two years. Evening students also have the option of including accelerated Saturday classes. The accelerated MBA allows students to complete their MBA in as few as 11 months. The concentration in health care administration prepares students for staff, managerial and leadership roles in the health care industry. MBA PROGRAM HIGHLIGHTS: The Lake Erie College Parker MBA is designed to provide a graduate business education that is practical and real-world focused, enabling students from a variety of backgrounds to develop managerial and professional competencies. No prior business courses are required. Additionally, the Lake Erie College Parker MBA program has a “lifelong learning guarantee” that allows MBA graduates to come back and take additional courses for the rest of their lives, free of charge. This provides graduates with an opportunity for ongoing professional development. CLASS LOCATION: The Holden University Center of Lakeland Community College. Lake Erie College also has devel-
oped an in-residence MBA program that can be customized for employers. ONLINE OPTIONS: Several optional online courses are offered. REQUIREMENTS FOR ADMISSION: Online application completion, official undergraduate transcripts, resumé and writing samples. GMAT is typically not required. Students may begin fall, spring or summer semesters with mid-semester starts available as well. SCHOLARSHIP/FINANCIAL AID AVAILABLE: The Stafford Loan is available for graduate students for up to $20,500 per academic year. GENERAL TUITION/FEE INFORMATION: Tuition and fees are $661 per credit hour. With 36 credit hours required for completion, the total program cost is $23,796. SIZE OF MBA PROGRAM: 150 students.
LOURDES UNIVERSITY COLLEGE OF BUSINESS AND LEADERSHIP SYLVANIA 419-517-8929, mba@lourdes.edu TYPES OF MBAS AVAILABLE: General MBA degree in a full-time, 12-month or part-time, 24-month option. MBA PROGRAM HIGHLIGHTS: The Lourdes University MBA program offers MBA candidates a curriculum blended with professional and global immersion that prepares graduates for leadership positions. The program’s personalized approach toward student success extends from the classroom, where stu-
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dents are able to select elective courses in the following content areas: health care administration; accounting and finance; supply chain management; and social entrepreneurship. Students fully participate within the graduate-level career services program, Career Trek, which includes extensive interview preparation to career networking opportunities. The program intentionally recruits full- and part-time faculty members to the classroom for their real-life experiences, where they have served as senior corporate executives at Fortune 500 companies to successfully launching entrepreneurial ventures. International and professional immersion courses allow candidates the opportunity to put into practice through real-life experiences knowledge gained throughout the program. MBA candidates have the opportunity to meet with business leaders in major global cities, including Cape Town, Shanghai and Sao Paulo. CLASS LOCATION: Main campus. ONLINE OPTIONS: None available. REQUIREMENTS FOR ADMISSION: Any earned bachelor degree from an accredited university or college is required. Applicants must also have 60 credit hours, with a grade of C (2.0) or better, of undergraduate business coursework to have all of the MBA foundational content courses waived. Admitted applicants with fewer than 60 credit hours, with a grade of C (2.0) or better, of undergraduate business coursework (or the equivalent) must take the MBA foundational content courses at the graduate level. The MBA program will not accept credit for equiva-
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lent classes taken at the undergraduate level once an applicant has been admitted. Applicants must also complete the GMAT and submit scores from the test taken within the last five years. An overall score of 470 or greater is preferred. Minimum 2.75 cumulative undergraduate GPA also is required. Applicants must submit the completed application, a current resumé, a statement of purpose, three letters of recommendation and all official college transcripts. SCHOLARSHIP/FINANCIAL AID AVAILABLE: A limited number of graduate assistantships, scholarships and graduate housing stipends are competitively awarded for full-time students. GENERAL TUITION/FEE INFORMATION: Tuition is $950 per semester hour. The program tuition is $34,200, if all foundational courses are waived, but may increase up to $51,300 if all of the foundational courses are required. The MBA program includes in the cost of tuition all textbooks and course materials, iPad Air and the global immersion trip. SIZE OF MBA PROGRAM: Enrollment throughout the academic year averages between 50 to 75 students.
MALONE UNIVERSITY MALONE UNIVERSITY SCHOOL OF BUSINESS AND LEADERSHIP CANTON 330-471-8500 gps@malone.edu TYPES OF MBAS AVAILABLE: Online or in-classroom MBAs are available. MBA PROGRAM HIGHLIGHTS: The classroom format is one night a week, from 6 p.m. to 10 p.m. for 24 months. Students receive personalized attention in smaller classes of about 15 to 25 students and bring their experiences to the class to provide an application based learning environment. The format is easy to manage, with one course at a time in five- to eight-week segments. Malone University’s MBA program is accredited by the Accreditation Council for Business Schools and Programs. CLASS LOCATION: Main campus ONLINE OPTION: The online program can be finished in 20 months. This is load-
ing up for one semester with 12 credit hours and then four semesters with six credit hours. Tuition is the same as the classroom version (plus $145 technology/materials fee per course). REQUIREMENTS FOR REGULAR ADMISSION: Bachelor’s degree from regionally accredited institution is required with a minimum cumulative GPA of 3.0; completed graduate school application; and submission of two professional references. SCHOLARSHIP/FINANCIAL AID AVAILABLE: Maximum loans available are $20,500 per year or up to the federal budget. Malone is a military-friendly school; a veteran can apply his or her Veterans Affairs Yellow Ribbon grant toward the MBA. GENERAL TUITION/FEE INFORMATION: MBA registration deposit of $150. Tuition for the 2015-2016 MBA Program is $645 per semester hour. SIZE OF MBA PROGRAM: Approximately 50-60 new MBA students each year.
MOUNT ST. JOSEPH UNIVERSITY CINCINNATI 513-244-4807 mary.brigham@msj.edu TYPES OF MBAS AVAILABLE: Offers two MBA programs. In the 4+1 MBA for undergraduate students, students complete four courses during their senior year for dual credit, and one additional year of graduate courses. This program is only offered to current undergraduate students, as well as recent alums in certain cases because it is a program that allows students to earn graduate credit while they are still undergraduates. The Saturday MBA format is for professionals with several years of experience in the workplace. Courses are taught on Saturday mornings. Degree requirements can be completed in just over two years. MBA PROGRAM HIGHLIGHTS: 4+1 students earn graduate credit while still an undergraduate in this MBA format. Students apply during their junior year, take dual-credit courses their senior year and complete their MBA with one additional year of coursework. The Saturday MBA provides a convenient format and accessible faculty for the working professional.
WWW.CRAINSCLEVELAND.COM
CLASS LOCATIONS: Main campus. ONLINE OPTIONS: None available. REQUIREMENTS FOR ADMISSION: An undergraduate cumulative GPA of 3.0 is required along with a completed graduate admission application; MBA required courses form; two references; a onepage, typed statement of the applicant’s career goals in the next five years and how an MBA will advance those goals; and an interview with the MBA selection committee. SCHOLARSHIP/FINANCIAL AID AVAILABLE: Undergraduate students can use their fourth-year scholarship eligibility for the first four courses and graduate eligibility for financial aid for the additional year. GENERAL TUITION/FEE INFORMATION: $625 per semester hour for graduate-level MBA courses. SIZE OF MBA PROGRAM: 75 students.
MOUNT VERNON NAZARENE UNIVERSITY MOUNT VERNON 740-392-6868, EXT. 3323 TYPES OF MBAS AVAILABLE: Concentrations in finance, human resource management, organizational management and health care administration are available. The MBA is a 12-course curriculum, which includes nine core courses in accounting, economics, finance, management, marketing ethics, leadership, organizational behavior, legal issues, global business and strategy. The executive MBA offers an MBA with an organizational management concentration and can be completed in less than a year. MBA PROGRAM HIGHLIGHTS: The MBA is an accelerated program that offers degree completion in 15 months or less. Classes are offered one night a week or online. The tuition is locked in and will not increase as long as students are continuously enrolled. CLASS LOCATION: Main campus, Columbus-New Albany, Mansfield and Newark. ONLINE OPTIONS: The entire program is available online. REQUIREMENTS FOR ADMISSION: A bachelor’s degree is required along with a GPA of 2.8 or above.
From Kent, the World. Kent State’s MBA programs are affordable, offered at convenient locations in Northeast Ohio and are fully accredited. • • • • •
Full-time MBA Part-time MBA Executive MBA for corporate professionals Executive EMBA for healthcare professionals Dual-degree MBA programs with architecture, translation, nursing, communication studies and library and information science
Find out more at business.kent.edu/ degrees/masters-programs
Kent State University, Kent State and KSU are registered trademarks and may not be used without permission. Kent State University is committed to attaining excellence through the recruitment and retention of a diverse student body and workforce. 15-UR-00124-483
AUGUST 24 - 30, 2015
SCHOLARSHIP/FINANCIAL AID AVAILABLE: The maximum financial aid is $20,500 of unsubsidized loans. Employer tuition reimbursement is available. GENERAL TUITION/FEE INFORMATION: $498 per credit hour. SIZE OF MBA PROGRAM: 218
OHIO CHRISTIAN UNIVERSITY CIRCLEVILLE, 855-OCU-GRAD sboyer@ohiochristian.edu TYPES OF MBAS AVAILABLE: General MBA, with six new concentrations: accounting, digital marketing, finance, health care management, human resources and organizational leadership. MBA PROGRAM HIGHLIGHTS: Students can earn their degree online or by attending class once a week. The program does not require prerequisite courses, or taking the GMAT, allowing those from a variety of backgrounds to earn their MBA. In addition, students get a quality education with courses taught by highly qualified, doctorally prepared faculty with professional experience. CLASS LOCATION: Circleville, Columbus and Dublin in Ohio, and Morrow, Ga. ONLINE OPTIONS: The program can be taken online in a synchronous format. REQUIREMENTS FOR ADMISSION: A bachelor’s or graduate degree from college or university accredited by a regional accrediting body or the Association for Biblical Higher Education; an undergraduate GPA of 2.5 or higher from the baccalaureate degree-granting institution, at which at least a minimum of 30 hours was completed for regular acceptance. Those not meeting the GPA requirement will be considered for provisional acceptance. SCHOLARSHIP/FINANCIAL AID AVAILABLE: Students are eligible for $20,500 in federal loans annually. Ohio Christian also has the following discounts: military, $250 per semester credit hour (active duty, veterans, spouses and dependents age 23 or younger); and varying corporate/church discounts. GENERAL TUITION/FEE INFORMATION: $495 per semester hour. SIZE OF MBA PROGRAM: 172 students.
OHIO DOMINICAN UNIVERSITY COLUMBUS, 614-251-4615 grad@ohiodominican.edu TYPES OF MBAS AVAILABLE: Ohio Dominican University offers an MBA in a variety of flexible formats designed for busy working adults. Students can attend class on campus during the evening, online or a combination of both. Courses are eight weeks in length. The program is available in the following concentrations: accounting, finance, leadership, sports management and public administration. A graduate certificate in public administration is also available. MBA PROGRAM HIGHLIGHTS: Ohio Dominican University’s multiple delivery formats allow students to select the program format that works best for them. All 10 core courses are offered online and in face-to-face settings. CLASS LOCATION: Main campus in Columbus and location in Dublin. ONLINE OPTIONS: Ohio Dominican University’s general MBA, as well as its MBA with a concentration in leadership can be completed entirely online. REQUIREMENTS FOR ADMISSION: Candidates must have a bachelor’s degree from a regionally accredited institution. A 3.0 cumulative GPA or minimum 2.75 GPA in the last 60 semester hours of bachelor’s degree is required, along with one of the following: a score in the 50th percentile or above on each section of the Graduate Management Admissions Test (GMAT); or completion of course work in all foundation knowledge areas with a grade B or better. Relevant knowledge areas include accounting, finance, economics and statistics. All eligible course work must have been completed at a regionally accredited institution; or at least two years of professional-level experience. Additional requirements include completed graduate application with a $25 fee; official transcripts from all post-
secondary institutions attended; minimum 500-word essay; TOEFL score of 550 or equivalent electronic score, if applicable; current resumé; and two professional/ academic letters of recommendation. SCHOLARSHIP/FINANCIAL AID AVAILABLE: Maximum annual loan amount for unsubsidized is $20,500, depending on enrollment. Aggregate loan limit for graduate students is $138,500, which includes any loans obtained for undergraduate studies. GENERAL TUITION/FEE INFORMATION: Tuition in all formats is $580 per credit hour. Doesn’t include additional fees. SIZE OF MBA PROGRAM: Approximately 230 students.
OTTERBEIN UNIVERSITY WESTERVILLE 614-823-3210 OR 614-823-1095 grad@otterbein.edu TYPES OF MBAS AVAILABLE: Otterbein University is focused on developing creative thinkers, problem solvers and matching the curriculum to skill set development. Otterbein’s MBA offers what businesses are asking for today. MBA PROGRAM HIGHLIGHTS: MBA can be completed full time in two years (at least six credit hours per semester), or part time. Program highlights are small classes, rolling admission in fall and spring and solid full-time and practitioner faculty. The unique final capstone project provides an opportunity to collaborate with peers on a real-world consulting project for area businesses or nonprofits. CLASS LOCATION: Main campus in Westerville. ONLINE OPTIONS: None. Some courses are offered in a blended format. REQUIREMENTS FOR ADMISSION: A four-year degree from a regionally accredited college or university, with a cumulative GPA of 3.0; professional experience; a GMAT score of 500 or better; professional resumé; two letters of recommendation; and a personal statement. SCHOLARSHIP/FINANCIAL AID AVAILABLE: MBA scholarships are available, based on GPA and GMAT scores. Also, in order to help students manage graduate school expenses, the university offers a deferred payment plan and a four-part payment plan. GENERAL TUITION/FEE INFORMATION: Tuition is $618 per credit hour (total of $22,248, not including books). The program requires a total of 36 semester credit hours to complete. SIZE OF MBA PROGRAM: Approximately 80 students.
TIFFIN UNIVERSITY TIFFIN 419-448-3510, grad@tiffin.edu TYPES OF MBAS AVAILABLE: The Tiffin University MBA program includes concentrations in finance, general management, health care administration, human resources management, international business, leadership, marketing, nonprofit management and sports management. MBA PROGRAM HIGHLIGHTS: Tiffin University’s MBA is flexible, practical and competitively priced. The program focuses on the development of competencies in communication skills, leadership and teamwork, information technology and problem solving. CLASS LOCATION: Main campus in Tiffin and online. ONLINE OPTIONS: Online classes are available. REQUIREMENTS FOR ADMISSION: A completed application, resumé, transcript and writing sample. SCHOLARSHIP/FINANCIAL AID AVAILABLE: A $250 per credit hour discount for Fraternal Order of Police and spouses, active military and spouses. A $150 per credit hour discount is available to any student who has earned their bachelor’s degree from Tiffin University. Student loans are available. GENERAL TUITION/FEE INFORMATION: Cost for the program is $700 per credit hour. SIZE OF MBA PROGRAM: Approximate-
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ly 300 students.
URBANA UNIVERSITY URBANA, 937-772-9200 admissions@urbana.edu TYPES OF MBAS AVAILABLE: Full- and part-time MBA programs are available. MBA PROGRAM HIGHLIGHTS: The university’s 36-credit MBA program offers 12 courses in eight-week terms and is designed for busy professionals managing multiple commitments. CLASS LOCATION: Main campus ONLINE OPTIONS: Students may apply and take all classes online. REQUIREMENTS FOR ADMISSION: A bachelor’s degree is required as well as a 2.7 GPA, official transcripts, two letters of recommendation and a resumé. SCHOLARSHIP/FINANCIAL AID AVAILABLE: Loans can be obtained by completing the FAFSA. GENERAL TUITION/FEE INFORMATION: Cost of program is $515 per semester hour, which is $1,545 per class. MBA PROGRAM SIZE: 300.
URSULINE COLLEGE SCHOOL OF GRADUATE STUDIES PEPPER PIKE, 440-646-8119 msteele@ursuline.edu TYPES OF MBAS AVAILABLE: Ursuline College is relaunching its MBA as a socially-conscious program beginning fall 2015. A socially conscious MBA teaches business students new tools, new models and new ways of responding to the changes society is undergoing. In the past, we were taught to expect an economy that consisted of endless growth, with businesses solely focused on profit, company growth and shareholder value. But endless growth is biophysically impossible. Ursuline’s MBA prepares its students to take on a major role in establishing new models since businesses are crucial players in this time of economic transition. Ursuline’s MBA offers a convenient and flexible MBA programs that suits the needs of working adults. Students only have to attend class one night per week. Students may enroll full-time or part-time. The concentration areas are management; health services management, marketing and communications; and human resource management. Courses are structured in eight-week terms with two terms per semester. MBA PROGRAM HIGHLIGHTS: A primary goal of the MBA program is to prepare students to become socially responsible managers and leaders from an ethical, values-based perspective. Students gain both a practical knowledge of modern business, as well as an understanding of the social, ethical and human context in which business is conducted in a technology enhanced, global environment. CLASS LOCATION: Main campus and Pilla Student Learning Center ONLINE OPTIONS: Students can take traditional face-to-face courses, or hybrid (mixed face-to-face and online) courses. REQUIREMENTS FOR ADMISSION: Bachelor’s degree from an accredited institution is required along with completion of online application form for admission (and $25 application fee); official transcripts from all undergraduate coursework and a GPA of 3.0; recommendation forms from at least three different individuals who know the candidate in a professional capacity; and a CV, including information related to managerial experience. The GMAT may be required. If the candidate already has taken the GRE, it may be substituted for the GMAT. Target scores of 555 for the GMAT or 540 for the GRE are baseline for evaluation. An assessment of statistical, accounting, finance and economics knowledge may be required of candidates who have not completed undergraduate coursework in accounting and finance or who cannot demonstrate that they have completed work experience in the areas. SCHOLARSHIP/FINANCIAL AID AVAILABLE: A graduate student is eligible to receive up to $20,500 in Stafford loans per school year.
CRAIN’S CLEVELAND BUSINESS
WWW.CRAINSCLEVELAND.COM
GENERAL TUITION/FEE INFORMATION: The tuition rate is $749 per credit hour (for evening and online program). SIZE OF MBA PROGRAM: 80 students
FOR PROFIT SOUTH UNIVERSITY, CLEVELAND
WALSH UNIVERSITY WALSH UNIVERSITY DEVILLE SCHOOL OF BUSINESS NORTH CANTON, 330-490-7406 mmcauliffe@walsh.edu (Mona McCauliffe) TYPES OF MBAS AVAILABLE: Newly redesigned curriculum allows for the option of earning an MBA online, in-class or through a combination of the two in as few as 12 months. Students can earn their MBA degree in management, health care management, entrepreneurship or marketing. Classes meet one night a week and one Saturday per month. MBA PROGRAM HIGHLIGHTS: The Walsh University MBA program is accredited. Classes are small and meet one night per week and one Saturday per month in eight-week segments. Classes may be taken entirely in-class, online or a combination of the two. Walsh offers a Leadership Practicum as a part of the MBA program. The two-part practicum is designed to fit in to each MBA student’s coursework and is linked to Walsh University’s mission of educating students to become leaders in service to others. CLASS LOCATION: Main campus. CLASS OPTIONS: Walsh University offers four online, 12-month MBA programs: management, health care management, marketing and entrepreneurship. REQUIREMENTS FOR ADMISSION: Materials required for application for the above options are completed application and $25 fee; official transcripts of undergraduate and all other graduate study; resumé; and proficiency in English (international applicants only). SCHOLARSHIP/FINANCIAL AID AVAILABLE: Student loans available are based on 36 credit hours, for a total of $23,220. Other options include graduate assistance, outside scholarships or company reimbursement. GENERAL TUITION/FEE INFORMATION: Cost is $645 per credit hour. SIZE OF MBA PROGRAM: 176 students.
XAVIER UNIVERSITY WILLIAMS COLLEGE OF BUSINESS CINCINNATI, 513-745-3525 OR 800-344-4698, EXT. 3525 mbaadmit@xavier.edu TYPES OF MBAS AVAILABLE: The program has concentrations in business intelligence, finance, general business, international business, marketing, pricing strategy and values-based leadership. In addition, the college offers a master of science in accountancy and a master of science in customer analytics. MBA PROGRAM HIGHLIGHTS: Xavier University has a 16-month executive MBA, a flexible evening/weekend MBA, a fulltime day MBA for emerging leaders that can be completed in 12 months, and an accelerated 20-month MBA in West Chester. CLASS LOCATION: Main campus in Norwood, Ohio, and West Chester, Ohio. ONLINE OPTIONS: Six of the 15 MBA classes are offered online. REQUIREMENTS FOR ADMISSION: Completed application, resumé; official GMAT or GRE scores; all undergraduate and graduate transcripts; letters of recommendation. SCHOLARSHIP/FINANCIAL AID AVAILABLE: Graduate assistantships are available with tuition coverage from $2,340 to $7,020 per semester. Scholarships are a discount on tuition from $30 to $70 off per credit hour based upon financial need as demonstrated by the FAFSA. GENERAL TUITION/FEE INFORMATION: The total program cost for the West Chester MBA is currently $35,661. The total program cost for the executive MBA is $61,274. The tuition for all other graduate business programs is determined by a per-credit-hour rate of $799. MBA PROGRAM SIZE: 652
COLLEGE OF BUSINESS WARRENSVILLE HEIGHTS 1-855-398-9280, 1-800-688-0932 MBA PROGRAM HIGHLIGHTS: South University’s program uses a processbased curriculum that allows one to gain a firm grounding in economics, decisionmaking, behavioral sciences and strategic environment — all imperative skills to being competitive in the chosen field. Some of the specific skills graduates of the program will have the opportunity to master include the evaluation of diverse business models, an ethical and global perspective in the decision-making process, the ability to apply effective and clear communication skills in influencing others, and the application of effective leadership and management techniques. South University, Cleveland holds a certificate of authorization from the Ohio Board of Regents. CLASS LOCATION: 4743 Richmond Road, Warrensville Heights ONLINE OPTIONS: South University offers an online MBA program. REQUIREMENTS FOR ADMISSION: Completion of application for admission and submission of application fee ($50). Completion of an undergraduate degree from an accredited institution with a GPA of 2.7 or better on a 4.0 scale, or, completion of an undergraduate degree from an accredited institution with a minimum
combined GMAT score at or above the 50th percentile, or, an earned graduate degree from an accredited institution with a CGPA of 3.0 or higher. SCHOLARSHIP/FINANCIAL AID AVAILABLE: Federal financial aid including federal grant programs, federal loan programs and federal work-study programs are available to students who qualify.
HERZING UNIVERSITY MENOMONEE FALLS, WIS. (ADMINISTRATIVE OFFICES) 800-596-0724, onl-info@herzing.edu TYPES OF MBAS AVAILABLE: Herzing University offers online and on campus MBA programs that can be completed in as little as one year. Student may choose an MBA with no concentration or an MBA with concentrations in accounting, business management, health care management, human resources, project management, public safety leadership or technology management. Students have the option of completing the MBA program entirely online or as a combination of both campus and online classes, where available. Students also have the flexibility of enrolling into the MBA programs as a part-time or full-time student. MBA PROGRAM HIGHLIGHTS: Herzing University has received specialized accreditation for its business programs through the International Assembly for
19
Collegiate Business Education (IACBE) for the master of business administration, master of business administration in accounting, master of business administration in business management, master of business administration in health care management, master of business administration in human resources, master of business administration in project management, and master of business administration in technology management. All of graduate faculty hold doctoral degrees. CLASS LOCATION: Ohio residents are eligible to enroll into Herzing University’s MBA programs through Herzing University Online. ONLINE OPTIONS: 100% of the program can be completed online. Students are not required to be online at a specific time. REQUIREMENTS FOR ADMISSION: Basic criteria include prior completion of a bachelor’s or master’s degree from an accredited institution. No GMAT or GRE is required. SCHOLARSHIP/FINANCIAL AID AVAILABLE: Up to $20,500 in federal Direct Unsubsidized Loans per academic year are available to those students who qualify. Students may be eligible for Graduate PLUS loans or private loans based on financial need and credit rating. Institutional scholarships are available, eligibility requirements vary. GENERAL TUITION/FEE INFORMATION: $650 per credit, plus $385 per semester resource fee (includes books). SIZE OF MBA PROGRAMS: Approximately 300 students in MBA programs.
EARN YOUR
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WWW.CRAINSCLEVELAND.COM
AUGUST 24 - 30, 2015
LARGEST CUYAHOGA COUNTY EMPLOYERS I
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Company Address Rank Phone/Website
FTE employees Cuyahoga County June 30, 2015
Total number of employees in Ohio
Type of business
Top local executive Title
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LARGEST SUMMIT COUNTY EMPLOYERS H
) H H
Rank
Company Address Phone/Web site
FTE employees Summit County June 30, 2015
Total number of employees in Ohio
Top local executive Title
Type of business
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CRAIN’S CLEVELAND BUSINESS
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AUGUST 24 - 30, 2015
POT
DEBATE
continued from page 1
businesses, the fact it is illegal federally makes it fraught with difficulty for the banks, and they would be in violation of all these federal statutes,” said James Thurston, a spokesman for the Ohio Bankers League trade group. “The upshot is until federal law is changed to legalize marijuana, their hands are basically tied,” he said.
Illegal money Ohio voters will consider legalizing marijuana this fall for both recreational and medicinal use through a constitutional amendment proposed by ResponsibleOhio that could create $554 million in new, annual tax revenues, according to “loose” estimations, said Jennifer Redman, ResponsibleOhio internal communications director. The group acknowledges banking issues are awaiting the 10 investor-backed commercial grow operations the amendment would establish, along with the estimated 1,100 dispensaries that could potentially spring up based on the expected number of licenses that may become available. “We do think this is going to change in the future. The IRS has indicated this needs to be addressed,” Redman said. “It is a heavily cash business. They pay bills in cash, workers in cash, rent in cash. It’s a hurdle these new businesses will have to overcome.” In February 2014, the Department of Justice and Financial Crimes Enforcement Network (FinCEN) clarified the Bank Secrecy Act to allow banks to work with marijuana-related businesses. However, because federal law still classifies marijuana the same as heroin, ecstasy and LSD, banks still largely
won’t get involved. “The main issue that you have is the DOJ can say what it wants about whether or not it will prosecute or not, it’s still federally illegal,” said Christopher Brauser, founder and CEO of Cleveland firm Gabriel Partners, which specializes in anti-money laundering services. “A larger bank is not going to touch it at all because they don’t need the regulatory challenges or hassles that, quite frankly, come with dealing with illegal money,” Brauser said.
Risk trumps cash Indeed, what the DOJ has said isn’t good enough. Just ask one of Cleveland’s largest banks. “At this time, it is PNC’s policy to not do business with any customer (whether a legal entity of a sole proprietor) that is directly engaged in the cultivation, distribution, sale or dispensing of marijuana or products containing or derived from marijuana, or the production, distribution or sale of drug paraphernalia, whether or not such activities are legal under state law,” said Marcey Zwiebel, PNC vice president and senior manager of corporate media relations, in an emailed statement about the bank’s policy. “PNC also may apply this policy to other entities that provide goods or services to marijuana-related businesses if the provider’s business is primarily focused on marijuana-related businesses,” she added. Everyone wants the money. They just don’t want the costs and uncertainty that come with the risks. “The smaller (banks) see opportunities with fee incomes, but we still advise against it,” Brauser said. “The smaller institutions not only have the regulatory concern, but
REAL ESTATE
they aren’t equipped to handle the physical compliance.” Mike Losneck, CEO of Euclidbased Eaton Family Credit Union, which has about $60 million in assets and is insured through the National Credit Union Administration, said he’d have to hire someone full-time to monitor business accounts tied to the cannabis industry. While not insured by the FDIC, credit unions still are subject to federal regulation, which hinders their approach to the legal marijuana space. That, plus the fact the NCUA hasn’t given credit unions a goahead to embrace those businesses as members, means Eaton is staying away — for now. The story is similar for privately insured credit unions, like Cleveland’s Cardinal Credit Union. CEO Christine Blake said she hasn’t determined if those accounts are a good fit yet, because of the surrounding issues. “There are, however, a handful of credit unions in other states cautiously taking limited amounts of these accounts onto their books, but not more than they can fully monitor at one time,” said Kimberly Stewart, public relations coordinator for the Ohio Credit Union League. “These are high-risk accounts and require a lot of due diligence and extra reporting to various agencies, and that doesn’t guarantee regulators won’t still tell the credit union to get rid of the accounts.”
Prohibition propagates crime Walter | Haverfield’s Murphy, whose clients include marijuanabased businesses in Colorado and California, has seen several legitimate companies kicked out of their banks. When that happens, in some cases, they change their company
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how busy we were going to be and what all events were going to happen and we were well prepared for it. No surprises.”
Waiting on a check One area that couldn’t be fully tested during the debate blitz was security. It was beefed up at Quicken Loans Arena, which hosted the debate and will host the convention. However, the crowd of 4,500 that attended the debate didn’t tax security at The Q, which had seen crowds of 20,000 fewer than two months earlier at the NBA Finals. (A bomb-sniffing dog was added to check reporters and their briefcases and backpacks.) But the $50 million federal security grant, approved for every convention since the terrorist attacks of Sept. 11, 2001, is hung up in Washington. U.S. Sens. Sherrod Brown, DCleveland, and Bob Casey, D-Pennsylvania, have been pushing their Congressional colleagues since June to quickly approve $100 million to cover security costs associated with the 2016 Democratic and Republican national conventions being hosted in Cleveland and Philadelphia. Sen. Brown’s office had no comment, however, since both houses of Congress are in recess until September. If it saw any problems with the city’s handling of the debate that concern it for the convention, the Republican National Committee isn’t saying. “The debate was a large-scale event with a lot of moving parts and it couldn’t have gone more smoothly, a positive sign of things to come as we move closer to the convention,” RNC spokesman Raffi Williams said in an email.
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names — eliminating overt references to marijuana — and find new ones as a “temporary” solution, he said. It’s one surreptitious way businesses are working around the system built against them. “You introduce the potential for bank crime with that much cash floating around,” said Thurston of the Ohio Bankers League. “That’s not a good situation for anyone. Some will look at passing money through offshore accounts.” Others still deal in cash, like a massive Oakland dispensary Murphy once worked with, which installed a sophisticated security network with roof-top surveillance cameras that can see a mile away and massive safes guarded by exmilitary private security for 24 hours. Two armored cars would escort bags of cash, reeking of fresh pot, to the courthouse to pay their taxes. “In my mind, it’s a matter of time before disaster strikes and someone gets a little too aggressive,” Murphy said, referencing the potential for robbery. “And if that happens in city streets, that could harm residents.” So not only do current laws prevent banking for marijuana-related businesses, keeping those dollars from entering the financial system, it further influences the potential for both physical crime and money laundering as companies either deal in cash or find alternative ways to get into the banking system through deceptive means. And Ohio may be the next state to see this firsthand. “The bizarre twist here is by not banking these customers, we’re actually creating more problems from a potential monetary and crime perspective than we’re solving,” Gabriel Partners’ Brauser said.
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AUGUST 24 - 30, 2015
THE WEEK AUGUST 17 - 23 The big story: Cleveland political legend Louis Stokes, the first African-American member of Congress from Ohio, died Aug. 18. He was 90. Stokes “loved Cleveland and was honored to have the opportunity to represent its citizens in the United States Congress,” the Stokes family said in a statement. On July Stokes 20, Stokes disclosed he had diagnosed with lung and brain cancer. Stokes was elected to the U.S. House of Representatives in 1968 and served 15 consecutive terms. His 30year tenure in Congress included service on the influential House Appropriations Committee. His brother, former Cleveland Mayor Carl B. Stokes, was the first black mayor of a large American city.
Global view: ERICO Global Co. of Solon, which makes engineered electrical and fastening products for electrical, mechanical and civil applications, entered into an agreement with pump and valve maker Pentair Plc to be acquired for $1.8 billion in cash, including the repayment of debt. The transaction values ERICO at about 12 times its 2015 forecasted EBITDA, according to Pentair, which is based in Manchester, United Kingdom. Pentair said the deal is expected to be completed before the end of this year. Doing what they do best: The former Matrix Essentials complex in Solon was bought by prominent industrial realty owners and industrial building recyclers Stuart Lichter and Chris Semarjian. Through Solon Arnold Miller LLC, the duo paid $4.9 million for the building at 6800 Arnold Miller Parkway. The building, which dates from the 1990s, has 195,000 square feet of space primarily used for distribution. After L’Oreal bought the Matrix Essentials beauty products company in 2000, it moved the operation to a larger property in Streetsboro. Semarjian and Lichter said the building most likely will become home to a single tenant.
Planning for the future: Welding products maker Lincoln Electric Co. is taking a significant step to reduce its U.S. pension plan obligations. The Euclid company agreed to buy a group annuity contract from The Principal Financial Group to settle $425 million of Lincoln Electric’s approximately $900 million in U.S. pension obligations outstanding. Under the agreement, Principal will assume the obligation to pay future pension benefits starting Nov. 1 for specified U.S. retirees and surviving beneficiaries who retired on or before June 1. The annuity purchase is expected to reduce Lincoln Electric’s U.S. pension obligation by $425 million, or 47%.
Stacked with talent: Beginning with its first issue featuring LeBron James in February 2005, STACK has had plenty of famous athletes grace the cover of its magazine. Now the digital media company that got its start in Cleveland has added a big-name athlete as an investor. Carolina Panthers quarterback Cam Newton has “made a strategic investment” in STACK. Josh Staph, STACK’s senior vice president of content, said the company was “extremely excited” about the partnership, but it wouldn’t be releasing how much of a stake the 26-year-old, two-time Pro Bowler has purchased. He said STACK expects Newton will “have a very active role” in helping to advance the company brand. In the right direction: Ohio’s unemployment rate fell to 5% in July from 5.2% in June as the state added nearly 15,000 jobs in the month due to a surge in government jobs. The Ohio Department of Job and Family Services said nonfarm wage and salary employment increased 14,900 over the month, to 5,399,100 in July from a revised 5,384,200 in June.
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REPORTERS’ NOTEBOOK BEHIND THE NEWS WITH CRAIN’S WRITERS
A taste of the lifestyle of the rich and famous Those interested in getting an up close look at the personal lives of one of Cleveland’s most prominent power couples — Dr. Floyd “Fred” Loop and Dr. Bernadine Healy — can do so at a public auction of contents of their estate on Saturday, Aug. 29, at their sprawling, 40-acre property in Gates Mills. Loop, who died earlier this year, was the former Cleveland Clinic CEO who many credit with transforming the hospital system into a regional health care powerhouse. Healy, who died in 2011, was the first woman to head the National Institutes of Health, the former head of the American Red Cross and an adviser to president Ronald Reagan. “This is a snapshot of their life,” said Richard “Jeff” Jeffers, the principal auctioneer and CEO of Garth’s Auctioneers and Appraisers. “Those who attend the auction will get to see a marvelous piece of real estate, and they’ll also be able to get this full view of who Dr. Loop and Dr. Healy were.” Items of note include Loop’s desk from when he was at the Clinic and other high quality furniture, an impressive art collection and more than 50 oriental rugs. Many of the items being sold were gifts from dignitaries all over the world. Moreover, Garth’s will sell the couple’s wine collection, some firearms and jewelry in fall auctions at its facility in Delaware, Ohio. The couple’s Gates Mills home, however, is not up for auction. “A lot of these things are really interesting, and you don’t often have this kind opportu-
nity in today’s auction marketplace,” Jeffers said. “There’s something for everyone.” For more information on the auction, visit http://tinyurl.com/pbjd6bs. — Timothy Magaw
These are matches made in IT heaven Brian George spent about six months getting to know as many local information technology services companies as he could find. Now more than 120 of them are in the database that forms the basis of his business, iTech Brokerage. The company uses that database to match businesses with local IT vendors. George, a former IT salesman, said iTech gets a detailed description of what types of technologies and services a client needs. Clients also weigh the importance of things like price and even friendliness. Then iTech pumps that information into the database, which spits out the vendors that rank highest. Almost all of his clients go with the top option. This unusual business model is working pretty well so far. George has attracted nearly 40 clients and hired two employees. And iTech is profitable, George said, adding that he no longer has to go without pay. — Chuck Soder
A meeting of the minds to advance manufacturing Ohio wants to make sure people know what modern manufacturing is all about.
On Sept. 14, the Ohio Department of Higher Education, Ohio TechNet and Michigan-based Lightweight Innovations for Tomorrow will host a meeting of manufacturers in Columbus. Ohio TechNet is a collection of community colleges working together under a federal Trade Adjustment Assistance Community College and Career Training grant, and Lightweight Innovations of Tomorrow is a national manufacturing hub, similar to the America Makes additive manufacturing group in Youngstown. The goal of the September event is to collect input on the types of messages about manufacturing the group wants to share, said Cheryl Hay, deputy chancellor for Higher Education-Workforce Alignment at the Ohio Department of Higher Education. While future events will include a focus on education, as well, this event is limited to manufacturers. The group wanted members of the industry to be able to define how it’s discussed, Hay said. These types of efforts have been happening regionally, Hay said, but there hasn’t yet been a comprehensive statewide message. According to the event invitation, manufacturers will hear from CEOs in the insurance industry on the need for a “career messaging strategy,” as the industry previously faced similar challenges to attracting talent and worked to create a statewide approach to marketing insurance as a career. To register, visit https://www.ohiohighered.org/content/ohio_manufacturing_careers_council_meeting. For information, contact Sherry Chadwell at (614) 728-7637 or schadwell@regents.state.oh.us. — Rachel Abbey McCafferty
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For now, however, the fate of the acquisition all boils down to that one question.
Early end for ‘Endurance’ No one is questioning the fact that Synergy had planned to compete with Steris’ Isomedix unit, which accounts for about 10% of the company’s revenue. Synergy wanted to open several U.S. plants that would use a new technology to sterilize medical and industrial products without removing them from their packages. The X-ray technology was supposed to give Synergy an edge over the two companies that dominate the product sterilization market: Steris and Sterigenics of Oak Brook, Ill. For instance, the X-ray process is faster, and it’s less likely to damage the products. But “Project Endurance” did not endure for very long. Synergy’s efforts to win over prospective X-ray customers began in earnest on Oct. 6, when members of the team tasked with implementing the project gathered in Tampa, Fla., to discuss the plan. One week later, Steris announced that it would acquire Synergy. Soon thereafter, a Synergy executive helping lead the X-ray initiative sent an email to his team. It stated that the company might not be able to pull the trigger on an X-ray marketing campaign until after the Steris deal closed, so that the combined company could approve the plan. That executive, Gaet Tyranski, also stated that Synergy might have to change the location of its plants so that they would not compete with nearby Steris facilities. The sales team kept hunting for customers, but not for long.
Gone fishing In February, Tyranski sent another email saying that Synergy should stop all spend-
ing related to its X-ray plans in the United States, noting that “this whole FTC inquiry is going down a rathole,” an FTC lawyer said, reading from the email. At the hearing, Tyranski responded that it wouldn’t make sense to build the U.S. Xray business during the inquiry, given all the uncertainty it created. Tyranski — who oversees all business that Synergy’s Applied Sterilisation Technologies unit conducts in the Americas — said he didn’t want to build a business on shifting sand. Tyranksi noted that the inquiry was just “one of the factors” why he wanted the company to stop putting resources into the project. In response, Tara Reinhart, chief trial counsel with the FTC, noted that it was the only factor he mentioned in the email. What were the other factors? Synergy executives argued that the plan was projected to fall short of Synergy’s profitability targets. They also said it was risky: The company was planning to spend a lot of money to enter a new market with a new technology. And it didn’t have any signed take-or-pay contracts — contracts that oblige the customer to make some sort of payment, even if a product or service isn’t delivered. Andrew McLean, the CEO of Synergy’s AST and Laboratories businesses, testified that the plan suffered a big setback when Johnson & Johnson backed away from plans to use its X-ray services because of the cost involved in making the switch. Synergy needed a commitment from at least one big customer to start building new plants — statements McLean made in the courtroom and in emails written months before Steris announced the transaction. “That was the big fish,” he testified. “If we got the big fish, others would follow.” Other large prospective customer had signed letters of interest, including Thermo Fisher Scientific and Zimmer. McLean said Johnson & Johnson was the only prospect that seemed serious about
switching to X-ray. “I wasn’t getting the normal buying signals or progress that you would have with another prospect,” he said.
High aspirations FTC lawyers dismissed that argument. They said that the company was never able to generate emails or other documents suggesting that its sales team already needed to get signed contracts. They made a similar counterargument when Synergy executives noted that the project was projected to fall short of profitability goals. Multiple Synergy executives said that, when approving new projects, the company relies heavily on a financial metric that measures how much money it will make over 10 years. Project Endurance was projected to produce an average return of 6.5% for each of those years. Synergy executives said the company prefers a 15% internal rate of return. Once again, FTC lawyers noted that hurdle is not a written policy. And they said Synergy executives likely would have considered other statistics in the business plan that measure the project’s value beyond 10 years. What about the one X-ray plant Synergy already owns in Switzerland? Is it doing well? Board member Constance Baroudel said the plant “has been a disappointment.” Synergy investors might be surprised to hear that, Judge Polster noted. In a quarterly report from November 2014, the company said its “X-ray services are now the fastest growing of our AST technologies.” Baroudel said that growth was from a small base. “Do you agree, looking at this, that it created a misleading impression? It was pretty rosy colored,” Polster said. “At the time, we had rosy aspirations,” she responded.
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