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Assets International sharpens focus to expand company

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General

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January 8, 2015

Assets International isn’t just about doing more work. The Southfield-based firm is about taking on the most profitable work it can do. "We're just a little bit more picky about the work we’re doing," says Michael Zwick, president of Assets International. "Let's be a leaner, stronger company." The 14-year-old company got its start helping regular people find and claim property that rightly belongs to them, such as inheritances. It has recently expanded into the oil-and-gas industry, helping property owners capture idle royalties from oil drilling and exploration. Assets International has only been doing that for a few years but today that line of work now makes up 25 percent of its bottom line, and that percentage is growing. "There is a lot of money that is sitting there waiting for people to claim it," Zwick says. Assets International currently employs 17 people. It has hired two people (a paralegal and office administrator) over the last year. That staff is also working to help create more revenue streams, such as helping corporations find money owed to them and create efficiencies in their workplace. Source: Michael Zwick, president of Assets International Writer: Jon Zemke Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

Level One Bank aims for big 2015 after acquiring Lotus Bank

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Arts & Culture

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January 8, 2015

Level One Bank made headlines last fall after acquiring fellow Oakland County-based Lotus Bank. Look for the newly merged banks (the acquisition should be completed in March) to make more news as they integrate together this year. "This will be our third transaction," says Patrick Fehring, president & CEO of Level One Bank, referring to his bank's acquisitions of Paramount Bank in 2010 and Michigan Heritage Bank in 2009. "We're focused on completing the acquisition of Lotus Bank and folding it into Level One Bank." The Farmington Hills-based bank got its start seven years ago. It has since grown to $825 million in assets, including the $110 million it added with the Lotus Bank acquisition. The bank has grown organically, too, locking down 18 percent growth in 2014 and projecting another 15 percent gain this year. Level One Bank has hired 15 people over the last year, expanding its staff to 150 people. It’s also looking to hire another five people now. While those new jobs are largely across the board many of them are in the bank's newly beefed-up commercial banking and residential lending departments. "We're pretty bullish on the local economy," Fehring says. "It seems southeast Michigan is fairing pretty well right now." Source: Patrick Fehring, president & CEO of Level One Bank Writer: Jon Zemke Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

Merged firms become FireBolt Group, move to Wixom

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General

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January 8, 2015

Estrakon plus Tecart equals FireBolt Group and more jobs in Wixom. Estrakon is an LED sign manufacturer. The Ann Arbor-based company made a name for itself making signs for businesses using more energy-efficient LED lights. It has been recognized as a FastTrack growth firm by Ann Arbor SPARK for three years running, and for clocking 20-percent revenue growth or more each year. Estrakon acquired TecArt last March with the idea of expanding its product line to a number of new items, such as floor mats, counter stools, and neon clocks. The newly merged companies moved to a larger facility in Wixom last September and now have a new name. "The companies are being merged into one as FireBolt Group," says Philip Ochtman, president & CEO of FireBolt Group. The newly created FireBolt Group has hired five people over the last year, expanding its staff to 34 employees. It is also looking to hire two sales people and an engineer right now. "We expect that number (staff) to go up by more than 10 people this year, primarily by focusing on the production side of things," Ochtman says. He adds the newly formed company expects to add more and bigger customers in 2015 thanks to its recent acquisition. He also wouldn’t be surprised if FireBolt Group makes another acquisition before the end of the year. "We are aiming for it," Ochtman says. "We feel we have a good story to tell and we have proven we can do it." Source: Philip Ochtman, president & CEO of FireBolt Group Writer: Jon Zemke Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.

Rochester’s Trent Design rebrands to Trent Creative, grows

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Arts & Culture

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January 8, 2015

Trent Design is in the final stages of rebranding itself as Trent Creative, a move the boutique branding firm will execute later this month. "We do more than design," says Marilyn Trent, principal of Trent Creative. "Our current clients know that but when we talk to new prospects it can be limiting." The Rochester-based company, it also has an office in Midtown Detroit, has hired two people in design and client services over the last year. It currently employs six people and the occasional intern. It is also looking to hire two more people in software development and marketing. Trent launched what will soon become Trent Creative 23 years ago. It has focused on design work for most of its life but recently moved into offering more comprehensive branding services. The firm's work for Art X Detroit was also recently chosen as one of the 350 best designs in the U.S. in the 2014 Regional Design Annual representing the best in the Midwest. While awards like that may not directly translate into more business it is another feather the company can put in its cap when pitching new clients. "It gives us credibility and respect," Trent says. Trent Creative also plans to become more engaged in work in the greater downtown Detroit area. It is currently working with Midtown Detroit Inc and M-1 Rail to help encourage people to continue to do business in the neighborhood while construction of the trolley line is going over the next 18 months. "We want to continue to help people keep shopping and doing business on Woodward as we keep building this wonderful rail," Trent says. Source: Marilyn Trent, principal of Trent Creative Writer: Jon Zemke

Made in Michigan: Failure: Lab

By Newsroom

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Community Development

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January 8, 2015

A Grand Rapids company has come up with a new spin on the storytelling craze - an evening of screw ups, bad ideas and set backs.  Excerpt: The founders had held events in Detroit, Chicago, and other Michigan cities, when requests from Australia and India started to come in. In mid-December, Failure: Lab launched a website that encourages its storytelling event planners to connect. The company relies on sponsorships and ticket sales to generate revenue, and they are looking to sign up global sponsors as part of its expansion plan. Read the rest here.

How Southfield became a suburb to watch

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Arts & Culture

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January 8, 2015

Local press stalwart Jack Lessenberry sings praises to Southfield's surprising successes. Excerpt: "Today, Southfield’s neighborhoods are neat and well-kept. Ranch and two-story houses are on leafy streets a few blocks from the office towers across from the city’s civic center. Southfield has a huge, impressive new library that other suburbs envy. While there are concerns about the city’s public schools, there has not been the enrollment collapse Detroit schools have experienced. Southfield’s ethnic transformation has been nearly as dramatic as Detroit’s. The population was less than 1 percent black in 1970. Twenty years later, it was 29 percent." Read the rest here.

How housing stock can influence the fate of an inner ring suburb

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Community Development

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January 8, 2015

While many people understand the longterm impacts of white flight on inner ring communities, what's less obvious is how the post-war housing stock in these communities are gravely impaction their economic future. Excerpt: But what’s not being discussed is how this racial tension is happening in some inner ring suburbs and not others. And one of the factors that may be contributing in a strange way is the housing stock in some of those suburbs. And not just the age. The problem is that in some of these suburbs all the housing was built at once, and it is all getting old and unsaleable at the same time — and no new housing is being built to take its place. The suburbs that seem to be falling victim to quick decline (and the subsequent racial divides) are the ones that had most of their housing built between the end of World War II and 1959. About 60 percent of Ferguson’s housing was built in that time frame, meaning that these old houses are now wearing out all at once, hitting the point where they are not appealing to most new home buyers, regardless of race. Read the rest here.

In Detroit, a shipping container called home

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Community Development

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January 8, 2015

GM is teaming up with a local nonprofit - Michigan Urban Farming Initiative - to provide homes made out of shipping containers. That's pretty dang cool. Excerpt: Organizers hope the container project can lure millennials who don't want their grandfather's bungalow yet also provide predominantly poor, longtime residents with a low-cost housing alternative. "Finding a place where both those communities can find common ground is beautiful," said Gersh, president and co-founder of the group that operates a farm and owns property in the North End, where blight and vacancy are common, but so are signs of residential and commercial renewal. "It's scalable, works for everyone and it's also not going to ruin the environment. It's easier to maintain and can repurpose existing materials." Read the rest here.

Henry Rollins digs obscure Detroit bands

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Arts & Culture

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January 8, 2015

Ever heard of long gone metro Detroit rock bands like Sonic's Rendezvous Band or Death? Henry Rollins has. And he considers them top o' the underground heap. Excerpt: "One of the most undermentioned American rock bands of the last century. It was, literally, a Detroit supergroup. Fred 'Sonic' Smith of the MC5 on guitar, Scott Morgan of the Rationals on guitar and vocals, Gary Rasmussen of the Up on bass, and Scott Asheton of the Stooges on drums. This is both post-Stooges and post-MC5. In my opinion, both Smith and Asheton, two of the most solid musicians to come out of the entire Detroit late-'60s, early-'70s scene, both realized their mightiest playing in this band. Most of their recorded output is live material that is fairly easy to locate. They made a single of one of their best tracks, 'City Slang,' and released it in 1978. In a little over 5 minutes, the band delivers some of the most thrilling, blowout, burn-up rock and roll. Smith's tone and attack is without peer, Asheton's solid drive is the epitome of rock drumming. The band is a cohesive thing of perfection. I was introduced to this song in the early '80s and have never recovered." Read the rest here.

Stuart Mechanical aims to hit $5.5M in revenue in 2015

By Newsroom

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General

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December 18, 2014

Stuart Mechanical has made some big strides in revenue generation since its launch in 2011. The Madison Heights-based HVAC firm has gone from zero revenue to in excess of $4 million in a few short years. It is now taking aim at crossing another big milestone. "I'm going to be nipping at the heels of $5 million in 2014," says Ray Barnowske, vice president and manager of operations for Stuart Mechanical. "The growth has been tremendous." He would like to see the company’s revenue hit between $5.5 million and $6 million in 2015. That seems possible since the firm has added a construction department and is taking on big projects like The Albert luxury apartment renovation in downtown Detroit. Stuart Mechanical has also grown its staff significantly since its launch. The company started with 10 employees. Today it has 30 employees and the occasional intern. It has hired four people, such as service technicians, this year, and is looking to add a few more in early 2015. "We're always looking," Barnowski says. Source: Ray Barnowske, vice president & manager of operations for Stuart Mechanical Writer: Jon Zemke Read more about Metro Detroit's growing entrepreneurial ecosystem at SEMichiganStartup.com.