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Memphis Business Journal
U of M hires new director of Crews Center for Entrepreneurship
The University of Memphis has selected a longtime Memphis entrepreneur to lead its center for entrepreneurship.<\p> Whitney Hardy, who has over a decade of experience in the small business and startup space, is the new director of the Crews Center for Entrepreneurship at the University of Memphis. <\p>
Former deputy governor to join Memphis company's C-suite
First Horizon Corp. is appointing Lang Wiseman — former deputy governor and chief counsel to Governor Bill Lee — to the company’s leadership team. <\p> Wiseman is set to become First Horizon’s deputy general counsel on Nov. 1 and transition into the general counsel role on Jan. 1, 2025, according to a news release. <\p>
Germantown to host summit for business owners
Back before Covid hit, the City of Germantown, through its Economic Development Commission, held a few business and industry summits. But those were focused mainly on larger businesses. <\p> "Coming out of Covid, the Economic Development Commission really started thinking about what is important to the community, what kept us going through [the pandemic], and what really defines Germantown," said Cameron Ross, economic and community development director for the City of Germantown. "It's those smaller businesses, and it's making sure that we have a good business retention program, a good business expansion program, and then a small business education component."<\p>
Popular benefit too pricey for many employers
Welcome to The National Observer, a roundup of top business news and actionable insights from across The Business Journals. We've got stories for you on the decade-high vacancy in the industrial real estate market, Amazon.com Inc.'s interest in nuclear power and 1,200 planned store closures at a popular pharmacy. But first, let's get into why many employers are turning away from a benefit otherwise popular with workers.<\p> Get more stories like these every day in your inbox by subscribing to The National Observer newsletter.<\p>
Mortgage rates finally fell, but homebuyers still face a big problem
The Federal Reserve may have cut interest rates last month, but homebuyers still face a challenge when assessing the current market for real estate: home prices.<\p> Prices were up 5.9% in the third quarter this year over the same three-month period in 2023, according to data from Fannie Mae. While that increase is down from a 6.4% spike in the second quarter, it’s still a substantial jump for buyers who are looking for a home.<\p>
Key Memphis business org has a new CEO
Epicenter's interim CEO is now the permanent head of the organization. <\p> Epicenter announced on Tuesday, Oct. 22, that Anthony Young, who is interim president and CEO, will be officially taking over the role. Young was appointed as the interim in June when Jessica Taveau stepped down after three years to take a communication strategist position at NASA's headquarters in Washington, D.C.<\p>
Museum of BBQ is on the way — but it won't be in Memphis
The world’s first museum dedicated to the art of barbecue is set to be in, well, Kansas City.<\p> The Museum of BBQ plans a spring opening in Kansas City's Crown Center shopping, dining, and entertainment district, according to a news release. The space will explore the primary regions for barbecue: Memphis, Kansas City, the Carolinas, and Texas.<\p>
IP to pay $80-$100 million in severance and termination benefits
International Paper Co.’s recently confirmed corporate restructure could cost the company up to $100 million in various expenses. <\p> The Memphis public company shared initial figures about its “restructuring charges” connected to the first wave of layoffs in a U.S. Securities and Exchange Commission (SEC) filing on Monday, Oct. 21. <\p>
IP cuts hundreds of employees in separate wave of layoffs
International Paper Co. confirmed on Monday, Oct. 21, that it is closing four facilities in the U.S., resulting in hundreds of job cuts as part of the company’s ongoing restructure, according to an IP spokesperson. <\p> This comes after the Memphis-based public company announced on Tuesday, Oct. 15, plans to layoff 650 employees nationwide, including 400 locally. <\p>
Largest family-owned businesses employ almost 9,000 locally
The top 20 largest family-owned businesses by local employment provide nearly 9,000 area jobs. Just over a third of those jobs are in logistics, with the top three List companies in that industry.<\p> Ozark Motor Lines is No. 1 on the List (see below) for the fourth year in a row, having overtaken K Power Global Logistics in 2021. K Power is No. 2 on the List this year, after dropping down to No. 4 the year before.<\p>
Team applications open for Memphis BBQ contest
Applications have opened for teams to enter next year's Memphis in May World Championship Barbecue Cooking Contest.<\p> The upcoming contest is taking place at Liberty Park from May 14-17, 2025. The deadline for teams to apply is Feb. 21, 2025. <\p>
Multibillion-dollar Fortune 1000 company opens local facility
A multibillion-dollar Fortune 1000 company has located its first facility in the Memphis area. <\p> Minneapolis-based filtration company Donaldson Co. Inc. recently opened its new distribution center in Olive Branch, Mississippi. The company is leasing a 200,000-square-foot warehouse located at 6550 Polk Lane. <\p>
How small businesses can prepare for and recover from disasters
Do you know where to get a dumpster?<\p> That might seem like a simple question, but for Janice Jucker, co-owner of Three Brothers Bakery in Houston — a business that has alternatively weathered and been devastated by floods, winter storms and hurricanes — it is a crucial one. That's because after a climate disaster, everyone affected will need a dumpster to clean out their homes and businesses in hopes of getting back on their feet as soon as possible.<\p>
Ford plants center in West Tenn. — its first U.S. site outside Detroit
Ford Philanthropy, Ford Motor Co.'s philanthropic fund, has broken ground on its first community center in the U.S. outside of Detroit.<\p> The Stanton Ford Community Center is to be the base of the Ford philanthropic arm's West Tennessee operations. Ford Philanthropy will fund 10% of the $2.1 million revitalization of the 3,576-square-foot former Stanton School at 5 Lafayette St.<\p>
These metro counties are winning the migration equation — and dollars
Shelby County has over 900,000 residents, of which the city of Memphis accounts for more than 600,000. Given a persistent population decline in Memphis, the data point that Shelby County has the highest metro-area deficit in migration patterns is not unexpected. <\p> What’s surprising is the dollar cost associated with residents relocating to metro counties and moving beyond the area’s borders to cities in other states. <\p>
Boba Boba Life's owners blend up new business
Cedric Jeans has had a long career in government. Now, he — along with partner Percy Jones — has turned his attention to something new: the recently opened Boba Boba Life at 709 East Parkway.<\p> Boba Boba Life serves milk teas, ice blends, smoothies, coffees, and more. It opened in early September.<\p>
Before layoffs, shareholders approved multibillion-dollar deal
Before International Paper Co. confirmed hundreds of layoffs this week, IP’s shareholders voted in favor of the company’s potential $9.9 billion acquisition of a British paper packaging company. <\p> IP reported on Friday, Oct. 11, the company’s shareholders overwhelmingly supported its pending acquisition of London-based DS Smith. This came days after DS Smith’s shareholders approved the deal between the two companies. <\p>
Longtime BBQ restaurant location closes due to fire
The Tops Bar-B-Q and Burgers at 3353 Summer Ave. has closed due to an early morning fire on Thursday, Oct. 17. <\p> According to a news release, the restaurant will be closed for an undetermined amount of time due to the damage from the fire and the efforts to fight it by the Memphis Fire Department. <\p>
Mixed-use anchor closes residential financing, targets 2025 opening
About a year ago, the former Northside High School site on Vollintine Avenue sat overgrown and in disrepair. But big changes are coming via a transformative project. <\p> When the Northside Square development broke ground in 2023, its commercial tenants had nearly entirely leased up over 200,000 square feet of space.<\p>
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