Daily Business Report — Oct. 5, 2010
Median Business Sales Price: $195,000
The median asking price for a business for sale in San Diego during the third quarter was $195,000 — no change from the same period of last year — according to a report by BizBuySell.com. San Diego businesses had a median revenue of $365,000 for the third quarter, up from $364,000 at the same time last year. The median cash flow, meaning the money that comes out of the business over the course of a year, was $85,361 for the quarter, versus median cash flows of $84,500 last year.
According to BizBuySell.com, business owners in the San Diego area will typically ask for, on average, a revenue multiple of .74 (changed from .63 year over year) and a cash flow multiple of 2.78 (changed from 2.83 year over year).
The listings that drive these statistics include listings from local business brokers, as well as “for sale by owner” listings that have been listed by the business owner without the assistance of a business broker.
George Kaye to Oversee 73 Union Bank Branches
Veteran banker George Kaye has been named market president for the San Diego and Coachella Valley region for Union Bank. He will oversee 73 Union Bank branches. Kaye joined the bank in 2009 and most recently served as senior vice president, retail sales integration manager. After the acquisition of the former Frontier Bank, he managed the branch banking work stream that had responsibility for the integration of 50 new branch offices in the Pacific Northwest. Prior to joining Union Bank, Kaye was senior vice president, Southern California division executive for JPMorgan Chase/Washington Mutual Bank. Kaye earned an MBA in finance from DePaul University and holds a bachelor’s degree in economics from Northern Illinois University.
Chuck Deckert Named V.P. of CHMB
Chuck Deckert has joined CHMB as vice president of information services, overseeing the Escondido company’s services that include technology infrastructure, application services hosting, clinical implementation services, application support, interface and data conversions development. Deckert most recently was with St. Joseph Health System in Orange County, where he was responsible for the reorganization of the IS department’s transition from outsourcing to in-house staffing. He was formerly with Sharp HealthCare in San Diego in positions where he directed information services on strategic projects in addition to ambulatory health record initiatives.
Coronado Veteran Receives National Post
Al F. Kovach Jr. of Coronado has been elected national senior vice president of Paralyzed Veterans of America. Kovach’s election to a one-year term occurred during the organization’s 64th annual convention in Providence, R.I. in August.He previously served as national vice president. Kovach also serves as the Cal-Diego chapter’s immediate past president. He initially joined the chapter as its government relations director and has served on its board of directors since 1991. A native of Philadelphia, Kovach attended Indiana University before joining the military, becoming a U.S. Navy SEAL.
Cal Sorrento Purchases Office Building for $5.4 Million
Cal Sorrento LTD has acquired a 39,908-square-foot corporate headquarters office building at 15150 Avenue of Science in Carmel Mountain Ranch for $5.4 million. The single-story building is 82 percent leased. Project tenants include iProlog, CTI and Mainsaver. iProlog recently signed a 76-month lease for 14,500 square feet. There is one 7,183-square-foot suite remaining available for lease. Paul Lafrenz, Paul Komadina, Christina Roush, Bill Dolan and Scott Kincaid of CB Richard Ellis represented the seller, DISKO. Sam Higgins, also of CB Richard Ellis, represented the buyer.
KMART Building Sells for $9.5 Million
A 100,000-square-foot KMART building at 5405 University Ave. in San has been sold for $9.5 million to EMA San Diego LLC. The sellers were LWF San Diego and J&W San Diego LLC. Victor Krebs and Rob Morgan of Colliers International represented the buyer and the seller. The buyer plans to hold the property for investment purposes.
McKenna, Long & Aldridge to Relocate
McKenna, Long & Aldridge LLP (MLA), an international law firm, has signed a 10-year, lease for 22,351 square feet of office space in Sunroad Corporate Centre, Building III, at 4435 Eastgate Mall, Suite 400, in San Diego. Financial terms were not disclosed. The transaction brings the three-building, 304,310-square-foot Class A office project to 100 percent leased. The San Diego MLA office will relocate from its current location Downtown at Symphony Towers this month. The lessee was represented by Ron Goldman of Goldman Ferguson Partners. The lessor, Sunroad Enterprises, was represented by Eric Vann, Brunson Howard and Eric Northbrook of Cushman & Wakefield.
Border Interchange Project Funded by Feds
The U.S. Department of Transportation has released $20.2 million in stimulus funds to SANDAG and the California Department of Transportation to pay for an interchange between State Route 905 and Interstate 805, completing a freeway connection between the Otay Mesa Port of Entry and the rest of the highway system. “This project will not only put people back to work, it will improve safety and mobility,” SANDAG Chair and Escondido Mayor Lori Holt Pfeiler said. “It also will boost our local economy by improving the flow of people and goods between the United States and our biggest trading partner, Mexico.” Currently, Otay Mesa Road — a six-lane surface street — is the only access to the U.S.-Mexico Port of Entry at Otay Mesa, which is the region’s only commercial POE. Approximately 68,000 vehicles a day use Otay Mesa Road, with traffic expected to triple by 2030. Construction already is under way on two separate projects that will bring SR 905 the 6.5 miles from the Otay Mesa POE to I-805 at a cost of $432.8 million. Those projects are expected to be complete in 2011 and 2012. The new $20.2 million grant will fully fund the next phase, the completion of access to the Otay Mesa POE’s intermodal connector.
Planned Parenthood Expands into Imperial County
Planned Parenthood of San Diego and Riverside counties has changed its name to Planned Parenthood of the Pacific Southwest in an effort to expand its reach into Imperial County, which suffers disproportionately high rates of teen births and sexually transmitted infections. “With our partners in Imperial County, we are doing incredible work educating residents about the importance of reproductive health care,” said Darrah DiGiorgio Johnson, President & CEO of Planned Parenthood. “Planned Parenthood participated in the first teen parent and expectant teen parent conference in El Centro last year and we expanded our peer education program to Calexico. We have been heartened by the reception we have received from the community and look forward having an even greater impact on the region in the future.”
Cybersecurity Symposium Set for Thursday
Cybersecurity firm ESET of San Diego will present “Cybersecurity Symposium II,” an afternoon program on Thursday featuring federal and state representatives discussing cybersecurity issues and tips on protecting the digital community. It will be at 1 p.m. at the Doubletree Hotel, 7450 Hazard Center Drive, in Mission Valley. The public is invited to attend. Following the afternoon symposium, ESET will present its first Cybersecurity Awards for excellence in cybersecurity in awareness, critical infrastructure, education, innovation and law enforcement. Additional awards will include the following: Lifetime Achievement Award to Dr. Eric Frost of San Diego State University; Exemplary Award to Gary Wang of SPAWAR; Cybersecurity Leadership Award to Jessie Knight of San Diego Gas & Electric; Cybersecurity Community Contribution award to Ruben Barrales of the San Diego Regional Chamber of Commerce; and, Cybersecurity Public/Private Partnership to Michael Kraiser of the National Cyber Security Alliance. Cost to attend both the half-day symposium and awards reception is $35 per person. To RSVP, visit sdbj.com/CSA.
SCORE San Diego Small Business Workshops
Fees range from $29 to $109 depending on the program.
• Oct. 6 – Financing Your Business – 9:30 a.m. to noon at SCORE Entrepreneur Center (550 West C St., #550, San Diego 92101; pre-paid registration $29, $39 at the door).
• Oct. 7 – Financial Statements – 9:30 to 11:30 a.m. at SCORE Entrepreneur Center (550 West C St., #550, San Diego 92101; pre-paid registration $29, $39 at the door).
• Oct. 8 – Internet Marketing 301: Pay-Per-Click – Carlsbad – 9 a.m. to noon at Point Loma Nazarene University in Mission Valley (4007 Camino del Rio South, San Diego 92108; pre-paid registration $49, $59 at the door).
• Oct. 12 – Tax considerations for Small Businesses – Carlsbad – 9:30-11:30 a.m. at National University in Carlsbad (705 Palomar Airport Road, Carlsbad 92011; pre-paid registration $29, $39 at the door).
• Oct. 13 – Business Plan 101: How to Develop Your Best Competitive Advantage – 9 a.m. to 3 p.m. at Point Loma Nazarene University in Mission Valley (4007 Camino del Rio South, San Diego 92108; pre-paid registration $79, $89 at the door).
• Oct. 14 – Legal Issues: Contracts and Leases – 9 a.m. to noon at SCORE Entrepreneur Center (550 West C St., #550, San Diego 92101; pre-paid registration $49, $59 at the door).
• Oct. 15 – How to Start and Manage Your Own Business – Carlsbad – 9 a.m. to 4:15 p.m. at National University in Carlsbad (705 Palomar Airport Road, Carlsbad 92011; pre-paid registration $69, $79 at the door).
• Oct. 16 – QuickBooks Basic – 9 a.m. to 4 p.m. at Point Loma Nazarene University in Mission Valley (4007 Camino del Rio South, San Diego 92108; pre-paid registration $69, $79 at the door).
• Oct. 18 – Internet Marketing 303: Social Media – 9 a.m. to noon at Point Loma Nazarene University in Mission Valley (4007 Camino del Rio South, San Diego 92108; pre-paid registration $49, $59 at the door).
• Oct. 19 – Financing Your Business – Carlsbad – 9:30 a.m. to noon at National University in Carlsbad (705 Palomar Airport Road, Carlsbad 92011; pre-paid registration $29, $39 at the door).
• Oct. 20 – Import/Export – 9 a.m. to 4:30 p.m. at Point Loma Nazarene University in Mission Valley (4007 Camino del Rio South, San Diego 92108; pre-paid registration $69, $79 at the door).
S.D. County Credit Union to Sponsor Teacher Tribute
San Diego County Credit Union is returning as a sponsor of “Cox Presents: A Salute to Teachers,” the annual Teacher of the Year recognition program to be held at 7 p.m. on Oct. 16 at the Balboa Theatre, 868 Fourth Ave., in Downtown San Diego. SDCCU has supported this event for the past three years. The 37th annual awards program is coordinated by the San Diego County Office of Education and will be aired live on Cox Communications’ Channel 4. This year’s 44 nominees were selected by their respective districts based on student achievement, professional development and community involvement, teaching philosophy and personal style, knowledge of educational issues and trends, promotion and development of the teaching profession, accountability and ability to serve as ambassadors of education. The five winners will represent the county in the California Teacher of the Year program. For more event information, visit sdcoe.net/salute.
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