Fall River Electric holds first virtual annual meeting

Fall River Electric Cooperative’s annual meeting of members was conducted virtually for the first-time ever in the co-op’s 82-year history. This was because of a decision made by the board of directors to safeguard the members and staff from effects of the coronavirus. Owner-members cast their votes via online, mail-in and in-person to select representatives for three board positions from a total of seven candidates. Despite not holding their traditional in-person annual event, a record setting number of 2,427 ballots were cast this year, which represents nearly 20% percent of the total number of eligible voters.

Incumbents Georg Behrens in District 3 (East Victor), Jay Hanson in District 2 (West Victor) and Jeff Keay in District 8 (Northern Island Park) were all re-elected for new three-year terms beginning this month.

Voters overwhelming approved a number of minor changes to the co-op’s bylaws but nearly split evenly on how board members should be elected in the future. The ballot had provided for an advisory vote as to whether to retain the current plurality voting method for directors or put to a member vote next year the option of requiring a candidate to win by a majority of votes. Owner-members voted to retain the current plurality method by a vote of 1,264 versus a switch to the majority method with 1,087 votes.

The traditional business meeting, which included the announcement of over 30 scholarship
awards, a report on the co-op’s financial audit as well as a management report from
CEO/General Manager Bryan Case, was held online and can be viewed on the cooperative’s
website under the heading of Video News on the home page.

Celebration planned for Johnson Bros. owner David Sargis

Johnson Brothers will be hosting a celebration to mark 50 years of leadership under owner David Sargis. The public event will take place from 2 to 4 p.m. Monday, June 15, at the company's showroom at 233 Basalt Street in downtown Idaho Falls.

During his tenure, Sargis has guided the company through many challenges, including a fire in 2004 that destroyed much of its manufacturing facility in 2004, to expansion into the Treasure Valley, where they recently opened a new, expanded showroom.

"No matter what gets thrown in front of him, David has a way of reading the situation and establishing the best path forward," said company co-owner Chris Sargis. "His steady hand has
definitely benefitted the business over the long-term."

Founded in 1905, Johnson Brothers provides builders and homeowners with architectural casework, windows, doors, and quality millwork. For homes and businesses alike, it is known throughout the Intermountain West as a go-to establishment for custom-made details. David Sargis has been at the helm since 1970, nearly half of the company's 115-year history.

Home sales remain steady in Bonneville County

The numbers haven't been posted yet for May, but looking at sales statistics from the Snake River Multiple Listing Service for the first four months of this year shows clearly that the COVID-19 pandemic has had no effect on the market for residential properties in Bonneville County.

The number of units sold was up 3.7%, while the number of new listings rose 7.3%. Homes spent an average of 45 days on the market, the same as in 2019. Median price rose 11.7%, from $204,237 to $228,234.

Coffee and Business | Chip Langerak, Villa Coffeehouse

Chip Langerak

Becoming a business broker wasn't what Chip Langerak saw himself doing, but joining Arthur Berry & Co. four years ago allowed him the opportunity to help business owners sell their businesses and move into retirement. “Building the package, marketing the business, fielding the questions, pitching it to people, that's my specialty,” he explained.

In looking at what the coronavirus pandemic has done to businesses who are ready to sell Langerak says we have to see what happens going forward. “It won't have a huge impact on business evaluation unless it effects your business beyond now. Some businesses have been propped up by a vibrant economy.”

Langerak and his wife, Alexis, own The Villa Coffeehouse in downtown Idaho Falls (with another location in the lobby of Eastern Idaho Regional Medical Center) and have been directly impacted by the pandemic. “We will survive. It may put us behind but we'll survive,” he said

When advising business owners who are looking to sell he suggests that at least three years prior the business owner should be thinking about the sale and what needs to be put in order to get the highest valuation. “The financials of a business are that business' curb appeal,” he said. About half the buyers he encounters are coming here from out of state. They are looking at financials, which means a business owner needs the financials to look as good as possible.



Asked what the number one mistake business owners make, he said, “I see not enough detail in financial reporting.”

The Langeraks have owned The Villa for eight years. Chip describes his wife as “the perfect operator” and attributes any success of The Villa to her.

“What drew us to The Villa was a love for the place. Ultimately we asked ourselves the question of is this something we could do for several years, and we knew it was,” he said. So many in the restaurant industry are focused on turning around tables but at The Villa they are happy to provide a space for people to spend time and feel comfortable. “It's built around the idea of community, and that's the part that's rewarding and we love about being here,” he said.

The COVID-19 pandemic has brought a dramatic decrease in sales. “The advice I would give to anyone in this position right now is adapt and adapt quickly and consider that change to be permanent,” he said. One of the adaptations they have implemented is a delivery service to Idaho Falls and Ammon.

Langerak admits to feelings of self-doubt, and thinks it's a common thing with business owners. “I think some of that comes from making entrepreneurship sound sexy,” he said. “We have to shift that thinking. We have to realize that those that are successful are closer to us that we realize. We are closer to that success than we know.”

A couple of thoughts he has for all business owners is to be thinking about their businesses and how they will transition no matter where they are. Start that process earlier than you need to. The second thing is to ignore the naysayers but don't let anyone talk you out of something that will bring you joy.

Information
For more information on Arthur Berry and Co go to their site https://www.arthurberry.com/.
For more information on The Villa Coffeehouse visit their site at http://villacoffeeandcafe.com/. Remember, free delivery on orders over $10.

Financial institutions pool resources to purchase masks for frontline workers

Bank of Idaho CEO Jeff Newgard

In a demonstration of community solidarity, three eastern Idaho financial institutions have teamed up to buy protective masks for medical workers and other people on the front lines in the fight against the COVID-19 pandemic.

Bank of Idaho, Bank of Commerce and Teton Wealth Management on May 20 distributed masks to Idaho Falls Community Hospital, Development Workshop, and 10 other non-profit organizations.

Jeff Newgard, Bank of Idaho's CEO and president, had the idea of pulling together financial management firms and community banks to pool resources and purchase a significant number of masks. Teaming up would mean more buying power and more masks for the community, he said. Newgard asked Tom Romrell, Bank of Commerce's president and CEO, and Jacob Murray of Teton Wealth Management, and they readily agreed.

“Now is an incredible opportunity to lead in the spirit of kindness and generosity,” Newgard said. “I appreciate Mr. Tom Romrell and Mr. Jake Murray for coming together and really focusing on what matters.”

Casey Jackman, chief operations officer at IFCH, said the donations were much appreciated. “These masks will go far in our mission of keeping our front-line workers, patients and visitors safe. Thank you so much for thinking of us and caring for our community,” he said.

McKayla Matlock, Development Workshop's CEO, was equally appreciative. "Safety takes every person, and with the importance of keeping safe these community partnerships have made a real difference for us.”

In addition to mask, Bank of Idaho’s Community Commitment Fund has allocated more than $44,000 of the $60,000 it has collected to emergency non-profit needs within the community. The Bank of Commerce gives to over 300 non-profit organizations each year, averaging over $160,000 per year over the past three years.

If your organization is in need of medical masks or funding, contact Bank of Idaho's director of marketing, Tyler Kraupp at 208-524-5500 or email at tylerkraupp@bankofidaho.net or Holly Gyles, Bank of Commerce's director of marketing at holly.gyles@bankofcommerce.org or at 208-525-9105