Issue link: https://nebusinessmedia.uberflip.com/i/1165530
wbjournal.com | September 16, 2019 | Worcester Business Journal 3 Worcester Business Journal (ISSN#1063-6595) is published bi-weekly, 24x per year, including 4 special issues in May, September, October, and December by New England Business Media. 172 Shrewsbury St., Worcester, MA 01604. Periodicals postage paid at Worcester, MA. Copyright 2019. All rights reserved. Postmaster: Please send address changes to: Worcester Business Journal, PO Box 330, Congers, NY 10920-9894. Subscriptions: Annual subscriptions are available for $54.95. For more information, please email wbjournal@ cambeywest.com or contact our circulation department at 845-267-3008. Fax: 845.267.3478 Advertising: For advertising information, please call Mark Murray at 508-755-8004 ext. 227. Fax: 508-755-8860. Worcester Business Journal accepts no responsibility for unsolicited manuscripts or materials and in general does not return them to the sender. Worcester Business Journal 172 Shrewsbury Street, Worcester, MA 01604 508-755-8004 tel. • 508-755-8860 fax www.wbjournal.com A division of: Worcester Business Journal WBJ B ack in September 2008 when I was young and invincible (and stupid), I decided to leave my steady reporting job at the Naples Daily News in Florida to be a freelance correspondent for the Boston Globe, fulfilling a dream of writing for a major metro newspaper. Even though I was newly married with an infant daugh- ter and somewhat aware of the warning signs of the coming recession – especially in the real estate market – I figured fortune would favor the bold. It did not. Aer about six months, as part of a fi- nancial fight between the Globe, its union and its parent company at the time – e New York Times Co. – the newspaper eliminated the regional edition in which most of my articles appeared, taking 90% of my income. Since I was a freelancer, I didn't receive any severance pay and was not eligible for unemployment. Since we were new to Massachusetts, my wife, daughter, newborn son and I didn't have any support network to fall back on. Hardly any other media companies were hiring, and especially weren't looking for know-it-all reporters who brashly quit their jobs just as the economy was slowing down. Over the course of a month in early 2009, I went from writing steadily for New England's preeminent daily newspaper to barely scraping by as a part-time server at a chain restaurant. is is how I remember the Great Recession. America's economy has steadily im- proved, and it turned out fortune favored the humbled, as I caught on as a reporter for New England Business Media and later became WBJ's editor. e country is in the midst of its longest period of econom- ic growth, but all I can think of is when the other shoe will drop. A recession will come – one, two or 10 years down the line – and I have sworn to be smarter this time. On page 12, News Editor Grant Welker takes a shot at figuring out when the next recession will come, as warning signs start to mount. He found out predicting the timing of an economic slowdown is like trying to define the exact dimensions of a cloud. e warning signs could signal a 2021 recession, or they could be being overanalyzed by people who worry the I N T H I S I S S U E current length of our economic growth is unsustainable. Either way, it behooves all of us to be smarter, not to overleverage overselves and be mindful of the warnings this time around. - Brad Kane, editor W APR = Annual Percentage Rate. Subject to credit approval. Rates subject to change without notice. Above rate applies only to first lien position, home equity loans for a max term of 5 years. First lien minimum loan amount is $25,000. Sixty monthly principal and interest payments of $18.36 per thousand borrowed. Payment does not include property taxes or homeowners insurance premiums. The actual payment obligation will be greater. Maximum loan amount is $250,000. SCU may lend up to 75% of the AVM value or 80% LTV of the appraised value. Applicant to pay for appraisal. Closing fees may apply. Property insurance is required to open and maintain a Home Equity Loan. Applies to 1-4 family owner occupied properties. Membership to SCU requires a one-time dividend-earning deposit of $5.00 in a prime share account. Equal Housing Opportunity. Equal Opportunity Employer. Federally insured by NCUA. NMLS #: 616673. We've got you. A PATIO MADE FOR ENTERTAINING HOME EQUITY LOANS BY SCU 888.599.2265 | southbridgecu.com RATES AS LOW AS 3.875 % APR* NEWS & ANALYSIS DEPARTMENTS 4 Central Mass. In Brief 5 Flash Poll 12 Focus on: Banking & finance 17 The List: Top credit unions 18 Outside The Box, with Bonnie J. Walker 19 Know How 20 Movers & Shakers 24 Photo Finish 25 Opinion 26 Shop Talk: Marybeth Campbell, Worcester Community Action Council 10 Company overhaul Micron Solutions eyes growth, profitability after flurry of leadership changes. 19 40 Things I Know About … Arts & business ArtsWorcester Executive Director Juliet Feibel continues her year-long, four-part advice series about the Central Mass. creative economy. A recession will come, eventually Editor, Brad Kane, bkane@wbjournal.com News Editor, Grant Welker, gwelker@wbjournal.com (Real estate, higher education, health care) Staff Writer Zachary Comeau, zcomeau@wbjournal.com (Manufacturing) Contributors Susan Shalhoub, Livia Gershon, Sarah Connell Research Director, Stephanie Meagher, smeagher@nebusinessmedia.com Research Assistant, Heide Martin, hmartin@nebusinessmedia.com Production Director, Kira Beaudoin, kbeaudoin@wbjournal.com Art Director, Mitchell Hayes, mhayes@wbjournal.com Senior Accounts Manager Matt Majikas, mmajikas@wbjournal.com Senior Accounts Manager Christine Juetten, cjuetten@wbjournal.com Senior Special Accounts Manager Mary Lynn Bosiak, mlbosiak@wbjournal.com Marketing & Events Manager Kris Prosser, kprosser@wbjournal.com Distribution and Database Coordinator A Guide to STUFF, a publication of New England Business Media Patty Harris, pharris@nebusinessmedia.com COO, Mary Rogers, mrogers@nebusinessmedia.com Accounting Manager, Valerie Clark, vclark@nebusinessmedia.com Accounting Assistant, Rae Rogers, rrogers@nebusinessmedia.com Collections Manager, Raki Zwiebel, rzwiebel@nebusinessmedia.com Human Resources, Jill Coran, jcoran@nebusinessmedia.com Publisher, CEO, Peter Stanton pstanton@nebusinessmedia.com Associate Publisher, Mark Murray mmurray@wbjournal.com President, Joseph Zwiebel jzwiebel@nebusinessmedia.com