Hartford Business Journal

www.HartfordBusiness.com • February 4, 2019 • Hartford Business Journal 7 he sat down with Hartford Business Journal to discuss his management and the future of Hartford Stage. He said his focus was on creating diverse revenue streams. Box-office sales, which have leveled off in recent years after the bump and are likely to remain stagnant for a while, and donor contributions aren't enough to survive in the long run, he said. To help mitigate fluctuating ticket sales, he said the focus has to be on finding cost savings and leveraging entrepreneurial opportunities, such as renting out costumes and building scenery to other theaters, or cashing in on new ideas from staff. During his tenure Stotts said he was encouraged by the expansion of Hart- ford Stage's education program and its many classes offered to the commu- nity, which brought in $1 million a year in revenue. Beyond the money, he said it also gives the theater an opportunity to connect to families with which it wouldn't otherwise have relationships. It also nurtures young audiences for the future. Another "must" is to increase the theater's $5.5 million endowment, not the easiest — or sexiest — of campaigns to launch. One thing the new managing direc- tor will not have to worry about is updating the facility. Last year, the the- ater completed its multi-phase, multi- year $14 million renovation. Even with the refresh, however, the theater is limited in what it can do artistically with a 500-seat venue, which is fine for big-hit shows but problematic for more difficult-to-sell new works. Stotts said a new smaller theater isn't necessary, but Hartford Stage can take advantage of other theater spaces around Hartford, such as the Aetna Theater at the Wadsworth Atheneum. Stotts even imagines the possibil- ity of having a "pop-up" theater in a vacant storefront. "After all, that's how Hartford Stage began," he said. Speaking of royalties … or missed royalties One show Hartford Stage will not benefit from financially is "The Inheritance," which is expected to be a highlight on Broadway next season. The two-part, six-hour show, which has been a sensation on the London theater scene this season, was written by Matthew Lopez while he was an Aetna Fellow at Hartford Stage (while another play of his — "Rever- beration" — was premiering here in 2015). "The Inheritance" also received develop- mental help, readings and dramaturgical assists from Associate Artistic Director Elizabeth Williamson. Hartford Stage has been reimbursed for its financial support of the work's early days, but will not partici- pate in royalties. PDS has been meeting the needs of the construction industry since 1965. Our dedicated team of design and construction professionals welcomes the challenge of serving its past and future customers on their most demanding projects. Family Dollar | Wethersfi eld, Connecticut PDS was selected as Design Build General Contractor to renovate the existing 20,000 square foot building and to construct a 10,000 square foot addition. This retail facility includes a Family Dollar and 5 additional tenant spaces for future businesses. Brick veneer and EIFS was a substantial component to the exterior construction of the building. Project Size: 30,000 SF 107 Old Windsor Road, Bloomfi eld, CT 06002 (860) 242-8586 | Fax (860) 242-8587 www.pdsec.com DESIGN BUILDERS • GENERAL CONTRACTORS • CONSTRUCTION MANAGERS SPOTLIGHT ON: R PDS ENGINEERING & CONSTRUCTION, INC. THINK • PLAN • BUILD As a plan sponsor, don't let your fiduciary responsibility get hung up solely on fees. Our ar cle on benchmarking can help you discover why periodically reviewing your plans is an important step to take to ensure they con nue to be relevant to your company and its employees. Let our experts show you how your defined contribu on plan ranks against similar plans with a FREE benchmarking report. Learn more at hhconsultants.com/benchmarking DOES YOUR COMPANY'S RETIREMENT PLAN STACK UP?

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