The IBJ Podcast Indianapolis Business Journal

Earlier this month, the owner of the Mass Ave sushi eatery Forty Five Degrees celebrated the restaurant’s 16th anniversary. Bill Pritt was told he was crazy in 2008 for trying to create a restaurant at the six-lane intersection of Massachusetts Avenue, College Avenue and St. Clair Street. A smart real estate move during the recession gave him ownership of the retail space on that corner, laying the groundwork for future success. After a three-year stint as president of the board for the not-for-profit Damien Center, Pritt is rededicating his energy to what he loves most—the hospitality industry. Earlier this year, he purchased a parcel at 555 Delaware St. with a former Regions bank branch that Pritt plans to turn into a casual dining spot called Harrison’s Restaurant. And in May he purchased the building on Mass Ave that houses the Metro Nightclub and Restaurant, as well the business itself. He isn’t planning on changing the longtime institution for gay nightlife as much as he wants to spruce it up and improve operations.This week on the IBJ Podcast, Pritt discusses his early years in the restaurant business, which including working the drive-thru at a Steak ’n Shake and eventually buying the Blu Martini restaurant and nightclub at the age of 27. He also digs into the origin story of Forty Five Degrees and the real estate acquisition—and yogurt shop—that helped him succeed. And he serves up details from his plans for Harrison’s Restaurant and the Metro.The IBJ Podcast is brought to you by Taft.

 

Our subject today is a little touchy, but it requires some discussion due to the effect in can have on your financial future and the quality of your relationships with family members. This episode is all about inheritance, including the best and worst ways you can deal with a life-altering influx of money and/or property.
The bottom line is that the inheritance recipient benefits from someone’s death. And that seems distasteful. Nobody wants to look greedy at the expense of a family member’s life. But because it seems distasteful, we don’t talk about inheritance very much. And because we don’t talk about it, some folks don’t handle it very well.
It helps to start with a little context. According to the Federal Reserve, the average inheritance today is about $46,000, although the vast majority goes to wealthy families and more than two thirds of households receive nothing. It’s also smart to keep in mind that your perception of a potential benefactor’s wealth is probably  wildly off, so making assumptions about future inheritances is a big mistake when doing financial planning.
IBJ personal finance columnist Pete Dunn, aka Pete the Planner, has seen many recipients mishandle and waste inheritances, especially when they view them apart from their long-term financial strategies. In this week’s episode, Pete also shares his thoughts about how much you would need to inherit in order to immediately retire; why putting a big downpayment on a lake house might not be advisable; and why preventing family squabbles should be a key goal in planning to divide your assets.
The IBJ Podcast is brought to you by Taft.

 

Usually when we’re talking about economic impact in Indianapolis we’re referring to a multimillion-dollar real estate project or a one-off sports or convention event like GenCon or the Super Bowl. But much of the talk in the last few months has been about a living, breathing basketball star from Iowa who in a very short period of time has changed the financial expectations for women’s basketball, not only for the Indiana Fever but the entire WNBA. Of course, that's Indiana Fever rookie Caitlin Clark, who is bringing thousands of new fans downtown for every Fever home game. Clark has arrived in the WNBA at an opportune moment. The league is in negotiations for a new media rights deal, which could significantly increase revenue. And after this season, the players union and the league can negotiate a new collective bargaining agreement that could significantly raise compensation. You’ll recall the outrage heard across social media last month when fans learned that due to the WNBA’s collective bargaining agreement Clark’s salary this season would be just a smidge over $76,000—about one-hundredth of what top rookies earn in the NBA. On this week’s episode of the IBJ Podcast, we have two guests to discuss the short-term and long-term effects of Caitlin Clark’s stardom on the Indiana Fever, the WNBA and Indianapolis. (We should acknowledge that for all of the attention Clark received last year for her otherworldy shooting and her pursuit of the NCAA Division I scoring record, the WNBA already was on an upswing, and there are at least a dozen high-profile rookies in the league this year driving fans to games.) Our guests are Ann Bastianelli, teaching professor in marketing at the Indiana University Kelley School of Business, and Beth Livingston, an associate professor in industrial relations at the University of Iowa’s Tippie College of Business. They dive into all of these issues, as well as whether another poor showing by the Fever this season will take some of the wind out of the sails of the "Caitlin Clark effect."
The IBJ Podcast is brought to you by Taft.

 

Three weeks ago, we released an episode of the IBJ Podcast explaining the sudden, multilayered and high-pitched battle over building a soccer stadium in downtown Indianapolis. Since then, the drama has taken several turns with fresh revelations about what’s underneath the ground set aside for the stadium complex that developer Keystone Group wants to build and who owns the land the city has identified for another site that Mayor Joe Hogsett’s administration has championed. Meanwhile, a proposal for a taxing district that would cover most of the cost for the latter stadium is wending its way to the City-County Council, with a key committee vote coming on May 28. So we thought this would be a great opportunity to bring you up to date.
IBJ’s Mickey Shuey joins the podcast to discuss his piece in the latest issue of IBJ about what an Indy-based stadium for Major League Soccer—America’s highest professional league—could look like. But first some history: In late April, everything that we had assumed about the future of pro soccer in Indianapolis and the creation of a publicly owned downtown stadium for the Indy Eleven soccer team received a swift kick between the stitches. The owner of the Indy Eleven, who also owns the development firm Keystone Group, accused the city of backing out of negotiations to finalize the stadium deal and support financing for a $1.5 billion mixed-use project that the stadium would anchor. Then Mayor Joe Hogsett announced that the city indeed had halted negotiations, claiming in part that the numbers didn’t add up. Indy Eleven and Keystone representatives disagreed. Hogsett also said the city had been working with an undisclosed group of investors who believed they could bring a Major League Soccer franchise to the city.
Since our last podcast, IBJ broke the story that the Simon family, which owns the Indiana Pacers and Indiana Fever, has purchased a large swath of land where the investor group’s stadium would be located. City-County Council President Vop Osili volunteered to sponsor the proposal for financing the stadium after the councilor for that district refused to do so. On May 28, the same day this podcast debuts, the proposal will be considered by the council’s Rules and Public Policy Committee, which Osili chairs, although a vote to deny the proposal won’t stop it from reaching the City-County Council. And in maybe the biggest revelations yet, both the Hogsett administration and Keystone revealed what they know—or have estimated—about the human remains and gravesites that are buried on the 20-acre site Keystone has been trying to develop.
The IBJ Podcast is brought to you by Taft.

Carolyn Gentle-Genitty grew up in Belize, the eldest of five children whose parents operated a food cart and canteen. She applied to a private all-girls high school and, upon being accepted, worked with her parents to negotiate the terms that would allow them to afford it.
She paid for her associate’s degree through work study, earned a full scholarship to cover the cost of her bachelor’s degree, and paid for her master’s degree through a promissory loan. So she’s no stranger to the barriers that can keep young people from attending college.
Today, she's preparing to lead the creation of Founder’s College at Butler University, a two-year program designed for high school graduates who face significant barriers to higher education. Students at the college will be able to earn associates degrees in subjects such as in business management, data analytics and health care—all while paying virtually nothing for the education.
Gentle-Genitty comes to the position of inaugural dean after a distinguished career at Indiana University. After earning her PhD in social work from IU, she went on to lead the university’s Bachelor of Social Work program on its Indianapolis campus before moving into system-wide leadership roles, including developing online education programs, overseeing academic policy and programs, and improving transfer policies. But Butler also has touted her built-in empathy with the future students of Founder’s College, having faced so many obstacles to her own education and benefitting from the help of administrators who took an interest.
In this week’s episode of the IBJ Podcast, she lays out the mission of the college, how it will attract students for its first cohorts, and the many steps and decisions required to get the classes up and running. She also expands on her youth in Belize and the chain of events that took her far beyond her initial goal of simply finishing high school.
The IBJ Podcast is brought to you by Taft.

Our guest this week is Jesse Rice, who took a circuitous route to becoming one of Indianapolis’ most unpredictable arts, entertainment and community entrepreneurs. He grew up in a blue-collar family in a small town, and then went to Purdue University with hopes of going to med school. He flipped his focus to finance and ended up working at Enterprise Rent-A-Car and J.P. Morgan Chase. He and a friend started kicking around ideas for a venue where they could serve their own beer and feature live music. As Rice says, “I think of something I want that needs to happen, and I just somehow make it happen.” So was born Black Circle Brewing Company, just west of the intersection of 46th Street and Keystone Avenue, which opened in 2016. In addition to craft beverages and some family friendly areas, it features a broad spectrum of entertainment, including heavy metal, drag and comedy shows.
In 2019, he opened an eclectic spot a few blocks to the west called Loom, which became the new home of Black Circle’s brewing operation, as well as a co-working space, a bar, a pinball parlor and a coin-operated laundromat. Just last October, he bought a 99-year-old building at 3317 E. 10th St. that once was home to American Legion Post 465. Now in the midst of renovation, Rice envisions that project as an event venue, a recording studio and temporary accommodations for visiting musicians.
Rice readily admits he had no grand plan when he started on this path eight years ago, but there’s something to be said for making it up as you go. In this week’s edition of the IBJ Podcast, Rice discusses how he developed the first two venues while maintaining his career in corporate America and then in 2019, pursuing an MBA. He also details what he learned in the master’s program and how that changed how he ran Black Circle Brewing Co., the umbrella firm for all of these projects. And he takes a look back at what he’s created over eight years and what he thinks is most valuable.
The IBJ Podcast is brought to you by Taft.