CIANJ’s 2020 Business Forecast: New Opportunities for Revenues

CIANJ’s 2020 Business Forecast: New Opportunities for Revenues

COMPILED BY MILES Z. EPSTEIN EDITOR, COMMERCE

LOOKING TO THE FUTURE IS ESSENtial for companies that want to plan for long-term success, and COMMERCE asked many of New Jersey top business leaders to offer their predictions for 2020. Here are the insights, observations and analyses of 78 New Jersey CEOs, which offer a valuable “peek” into the future.

ACCOUNTING

Cullari Carrico, LLC By Jason Cullari, Managing Member

We believe the account­ing profession has a tremendous opportunity to bring value to client relationships as we close out 2019 and enter 2020. Our clients are affected by the economy, global events, international and domestic tax laws and politics. The uncertainly surround­ing the 2020 election is sure to create opportunities for our firm and the profession.

 EisnerAmper LLP By Charly Weinstein, CEO

We expect increased con­solidation in the account­ing profession and will con­tinue to see firms expand their offerings beyond traditional services. EisnerAmper will continue to invest heavily in tech­nologies that add client value. Our growth strategies will combine robust organic growth through our integrated client service offerings and an increasing pace for mergers and combinations with technology-driven consulting and advi­sory firms.

Goldstein Lieberman & Company LLC By Phillip Goldstein, CPA, Founder, Managing Partner

Over the next two years, the economy will slow down and so we are starting the process of recession-proofing our firm and our clients’ busi­nesses. We also predict that, as a result of the downturn in the economy, more CPA firms as well as other companies will merge. Our firm will also see contin­ued growth through mergers and acquisitions.

Grassi & Co. By Louis C. Grassi, CPA, CFE, CEO and Managing Partner

The accounting profes­sion is changing as rapidly as our clients’ needs. Our professionals will serve as advisors first and harness technology to help our clients predict and prepare for their own futures. Advances in technology will allow for an even greater accumulation of information that we can use to help our clients maximize their assets and make more informed decisions.

Klatzkin & Company LLP By Thomas H. Martin, CPA, Managing Partner

I believe that accounting firms will be faced with many changes. There will be a transition of leadership. As the baby boomer part­ner’s edge towards retirement, younger partners with new ideas will have a stronger voice. The technologies that larger firms are already utilizing, such as AI, will trickle down and impact how smaller firms service clients. 2020 will be a challenging, but exciting year.

Levine Jacobs & Co., LLC By Timothy J. Shore, CPA, Co-Managing Member

With over half of the accounting population at or near retirement age, the number of small to mid-size firms is expected to be greatly reduced. I see our firm growing by taking advantage of this and acquiring some of the firms owned by retirement-minded CPAs. in turn, we will be required to hire additional professional staff, acquire new equipment and expand our infrastructure.

NJCPA By Ralph Albert Thomas, CPA (DC), CGMA, CEO and Executive Director

In 2020 and beyond, we will continue to create new and more efficient ways to help CPAs and other accounting professionals grow individually and by organization. With more than 14,000 members, we strive to educate, inform and keep members connected via enhanced learning, networking and other opportunities. Sharper data and analytic and communication skills will be needed to propel this profession forward.

Sax LLP By Joseph A. Damiano, CPA, Managing Partner

We are predicting an 8-10 percent organic growth rate in 2020 as our clients continue to look to us to be their number-one advisor in all areas of their business. Our industry is also in consolidation mode as firms that can-not grow organically are turning to the Top 100 firms to merge up. We will continue to look for strategic acquisitions.

SobelCo By Alan D. Sobel, CPA, Managing Member

Competition for execu­tive-level talent in the CPA profession will intensify as Baby Boomers continue to exit and younger generations are opting for alternative career paths. SobelCo will look to lever­age our unique culture to attract top executive and mid-level talent seeking an alternative to regional and national firms and the tremendous demands they place on work-life balance.

WithumSmith+Brown, PC By Bill Hagaman, CPA, CGMA, Managing Partner and CEO

I predict most industries will experience some level of turbulence during the next year. We have been proactively onboarding the right talent to help our firm and our clients success­fully manage through it, particularly in the areas of Cyber, IT Modernization and International Services. We believe we will see an increase in the demand for these specializations.

BANKING

BHI By Gabriel Hamani, CEO

Commercial banks will need to prioritize digi­tal innovations to continue providing the best products and services for their clients and to remain competi­tive. Despite technology disrupting the traditional commercial banking model, the focus for BHI has and always will be our relationships. We will stick to our philosophy of providing clients with the flexibility, customized solutions and industry proficiency that they expect.

Columbia Bank By Thomas J. Kemly, President and CEO

Besides the uncertainty of an election year, banking will continue to be challenged by a volatile rate environment, branch consolidations and emerging technology. We expect economic conditions will remain strong enough in New Jersey to allow Columbia to continue to expand with small business and consumer lending and expect to continue to expand our branch network to markets within the state.

First Bank By Patrick L. Ryan, CEO

In 2020, true community banks will lead the way in financial services by serving their customers, as opposed to servicing accounts. This may seem counter-intuitive since the last decade has been about technology, but real, authentic relationships are not a passing fad. Delivering a meaningful experience that builds upon listening and helping will be at the forefront.

Lakeland Bank By Thomas Shara, President and CEO

2020 will likely be a year of continued consolidation for the banking industry due to declin­ing interest rates causing compression of net interest margins, slowing loan growth and increasing competition from Fintechs. In order to remain rele­vant and compete effectively, banks need to update legacy systems and leverage new technology in order to enhance the customer experience and reduce complexity and costs.

SB One Bank By Anthony Labozzetta, President and CEO

The banking sector is approaching 2020 with caution given the state of the yield curve and heightened competition, which is compressing margins. Industry-wide, this presents a challenge for banks to sustain profitability. We will face these hurdles, too. However, we plan to responsibly grow our loans and deposits and to operate efficiently, which will help us to offset these pressures.

Spencer Savings Bank By Jose Guerrero, Chairman, President and CEO

We expect market and interest rates to continue to put pressure on bank margins and earnings, which could drive continued banking consolidation in New Jersey. We also see great opportunities in our markets for disciplined and strategic loan and deposit growth driven by relationship banking. We continue to expand into new markets, deliver- ing premier banking services to businesses.

Valley Bank By Ira Robbins, President and CEO

We need to be at the forefront of technology so we can serve our customers in the ways they want to be served—from smart­phones to smart devices in the home. We’re focused on looking at the cus­tomer experience from the eyes of our customers. In 2020, we’ll be using our research to create more innovative and intuitive technology changes.

BUSINESS CONSULTING

New Jersey Business Action Center By Melanie Willoughby, Executive Director

As we approach 2020, businesses will need help resolving the everyday challenges they face. The New Year is a great time to take advantage of state resources. As businesses leverage new technolo­gies, we continue to increase our online information on state services through webinars, podcasts, e-newslet­ters, our website and social media, making state services available to businesses 24/7.

CONSTRUCTION

Russo Development By Edward Russo, CEO

The red-hot industrial market will continue to drive up land prices as the supply of new product will not be able to keep up with continued demand. We have seen land prices and rents appreciate at a faster pace than at any time in our company’s 50-year history. In addition to our industrial initiatives, delivering on our 3,000-unit multifamily pipeline remains a top priority for 2020.

CONSUMER PRODUCTS

Dream On Me Inc. By Joey Srour, President

We are poised for a massive expansion of both portfolio (new brands, new product lines) and markets and are going global starting with Mexico and Canada. From an aesthetics point of view, we have embraced the gender-neutral, uber-modern trends in baby furniture with open arms and all our new lines reflect this. 2020 will be a keystone year for us.

ENVIRONMENTAL, RECYCLING ARCHITECTURE, ENGINERING

AECOM By Kim Vierheilig, AIA, LEED AP, BD+C,

Vice President, Managing Principal, Buildings + Places

Expansion of integrated delivery methods, aging infrastructure—along with an expanding population and ever-increasing budgetary constraints—will force our industry to blur the lines of collaboration between design and con­struction professionals. In addition, proj­ects will be forced to find innovative funding strategies to move public proj­ects forward through Design-Build and P3 delivery methods.

Atlantic Environmental Services, Inc. By Michael Novak, President and CEO

With our economy and commercial real estate market expected to tighten in 2020, it likely will cause a buyer’s market, which will affect environmental due diligence and remediation work. There will be fewer deals and increased scrutiny from buyers on properties they are purchasing. I would expect increased negotiations between buyers and sellers over remediation costs and fewer “as-is” transactions.

Bayshore Family of Companies By Valerie Montecalvo, President and CEO

We now face the worst markets for curbside materials in the history of recycling. For 2020, we will find ways to develop new domestic recycling mills, governments will launch education campaigns to address what is and isn’t recyclable, and we will see a statewide ban on single-use plastics. Styrofoam take-out packaging, straws and food waste reduction will be a central focus.

GEI Consultants, Inc. By Ron Palmieri, CEO

GEI anticipates continued robust growth for our geo-technical and environ­mental practice through 2020. While there is a general consensus building in our industry that the second half of 2020 will be more challenging, we feel strongly that the value we provide to our clients, particularly with regards to transactional and site devel­opment work, will allow us to hit our growth targets for the year.

FINANCIAL SERVICES

Corrado Financial Group By Mark Corrado, Managing Partner

2020 will continue to be a very busy and exciting year for the financial services industry. The stock market is at an all-time high and, in light of expected volatility and an upcoming election, the recent tax laws have begun to shape how we help our clients with tax and estate planning.

HEALTHCARE

AmeriHealth New Jersey By Mike Munoz, Market President

Our industry will contin­ue to evolve. Nationally, we’ll be in an election year. Here in New Jersey, a state-based exchange will be implemented. We’ll also be keeping a close eye on the small employer health group market. It is challenging to oper­ate in an ever-changing environment. However, we embrace the ongoing opportunity to enhance accessibility and affordability for our members.

Atlantic Health System By Brian Gragnolati, FACHE, President and CEO

Individuals and employ­ers both want greater con­venience and affordability in healthcare. We all need to be able to access and afford the care we need for our families. In 2020, the Atlantic Health System team will continue to put what is best for our patients at the center of everything we do to make care more personal, afford­able and convenient.

Bergen New Bridge Medical Center By Deborah Visconi, President and CEO

Throughout 2020, health­care will focus on using technology to improve accessibility and specialty reach for patients outside the traditional hos­pital/clinic, allowing providers to deliver patient-centric care through multidisci­plinary healthcare provider teams. Healthcare will begin to evolve into a convenient, digitally enhanced system designed to manage large and diverse populations allowing care delivery to be consumer-centric and cost-efficient.

Delta Dental of New Jersey and Connecticut By Dennis G. Wilson, President and CEO

The conversation on the link between a healthy smile and overall well-being will continue to gain steam; from diabetes and heart disease to cancer, good oral health is vital to total health. We continue to innovate and enhance our dental benefit plans to meet the needs of all of our customers, from individuals and families to businesses of any size.

Hackensack Meridian Health By Robert C. Garrett, FACHE, CEO

There will be more con­solidation in the industry. Our network and others are partnering with like-minded organizations to deliv­er on our promise to provide high-quali­ty, affordable and convenient care and a great patient experience. We are invest­ing in more consumer-friendly care, including expanding telehealth and con­venient care locations. Look for more engagement in population health strategies to improve the health of our communities.

HealthCare Institute of New Jersey By Dean J. Paranicas, President and CEO

The effort to find ways to slow rising healthcare costs will con­tinue in both Trenton and Washington. As that unfolds, the challenge for HINJ and New Jersey’s life sciences industry will be to ensure that cost-containment measures do not harm the state’s life sciences innovation ecosystem, and also to preserve patient access to medical innovation.

Holy Name Medical Center By Michael Maron, President and CEO

We are expanding our use of data analytics, machine learning, and artificial intelli­gence in order to improve patient out­comes, reduce costs by avoiding unnec­essary medical procedures, enhance care coordination among healthcare profes­sionals and redefine end-of-life care— all to benefit the people in our care.

Jefferson Health, New Jersey Division By Joseph W. Devine, FACHE, President; Chief Experience Officer for Jefferson Health

Healthcare’s incredible, recent growth will continue in 2020. Rapid advance­ments in technology and innovation will be a focus for us and the healthcare indus­try, as we prioritize consumer conven­ience through digital applications. This past September, Jefferson in New Jersey implemented a new electronic health record, Epic, increasing access to seam­less services. Now, our patients can obtain test results, schedule appoint­ments online and more.

New Jersey State Nurses Association By Judith Schmidt, MSN, DHA (c), RN, CCRN, CEO

Nursing has a strong out­look for 2020. Nurses will be at the fore­front of healthcare to ensure access to care, affordability and quality services for all patients. There will be many jobs available throughout the healthcare industry where nurses will fill many vital roles in the community, hospitals, extended care facilities and home health.

RWJBarnabas Health By Barry H. Ostrowsky, President and CEO

We will focus on raising the well-being of each community we serve by leveraging the strengths and synergies of our partner­ship with Rutgers University to build a premier academic health system, invest­ing in our towns and cities with jobs and other economic support, or strategically working to foster health-promoting pro­grams and environments. The industry will face multiple challenges, including regulatory changes and new entrants into healthcare.

Saint Peter’s Healthcare System By Leslie Hirsch, FACHE, President and CEO

Hospitals will face pres­sure on revenues from commercial and government payers. The shift from fee-for-service to value-based payment will evolve, as will the expansion of narrow and tiered networks, with insurance companies determining which hospitals and doctors are “in” and which are “out.” Patient care will change as new competitors implement less costly and innovative delivery systems supported by technology and AI.

Valley Health System By Audrey Meyers, President and CEO

I predict that consumers will continue to exercise their right to choose high-quality, easy-to-access healthcare services. As such, with the construction of Valley’s state-of-the-art healthcare destination in Paramus beginning in 2020, the anchor of which will be a new hospital, we will offer a range of inpatient and outpa­tient services, employ the latest technol­ogy and provide enhanced access to consumers.

HIGHER EDUCATION

Berkeley College By Michael J. Smith, President

Long-term economic growth will subside and there will be a great need once again for individuals to develop their skills as the labor market becomes softer. Educators will continue to need to deliver focused content that will allow individuals not only to succeed in the short-term, but over the longer term, in a somewhat varied and unpre-dictable career.

County College of Morris By Dr. Anthony J. Iacono, President

The future of education belongs to those who are ambitious, imaginative and entre­preneurial. Individuals who can link a liberal-arts-based education with specific skills, especially in STEM and business fields, will see increasing value in a fast-changing job market and will create a durable and rewarding future for themselves.

Felician University By Dr. Anne Prisco, President

The speed of innovation means an institution of higher learning must always stay two steps ahead to be competitive. We are doing this with our Lenke Family i-Lab, newly envisioned STEM pro- grams, and industry-informed certificate programs. Emerging technologies will continue to affect how and what we teach. AI and virtual reality will become integral to both our teaching and learning.

Montclair State University By Dr. Susan A. Cole, President

Higher education will continue to be challenged to deliver an excellent education at an affordable price. American universi­ties will draw on our long history of adapting and innovating as we craft new approaches to meet the changing needs of students and employers. We will expand our online enrollment, launch new graduate degrees and increase our impact on New Jersey and the world.

New Jersey Institute of Technology By Dr. Joel S. Bloom, President

Competition for higher education candidates will continue to be challenging due to demographic changes as the population of 18- to 24-year-old students continues to shrink throughout much of the United States. Universities that can demonstrate a strong return on student investment, like NJIT, will have the most success in attracting students, particularly high-achieving ones interested in the STEM disciplines.

Ramapo College of New Jersey By Dr. Peter P. Mercer, President

Data Scientists, consid­ered the top job in America by career experts, are employed by hospitals, pharmaceutical manufacturers, financial and trading firms, sports teams, marketing agencies and, of course, tech companies. Ramapo College’s undergraduate and graduate degree programs in Data Science will provide exceptional opportunities for students to prepare for a career in this highly sought-after field.

Stockton University By Dr. Harvey Kesselman, President

We will continue to develop a presence in Atlantic City. New opportunities for students include degrees in Coastal Zone Management and Digital Studies. Offering a quality and affordable educa­tion remains a priority and Stockton is expanding partnerships with high schools and community colleges to offer multiple pathways to a degree. Equitable state funding remains a concern for the four-year colleges.

Thomas Edison State University By Dr. Merodie A. Hancock, President

We will expand our expertise in delivering a scholar-practi­tioner academic model that meets the dynamic needs of our 21st century work­ing adult students and their employers. By focusing on the real-time practical application of theory and research, our full degree programs and micro-creden­tials ensure continuous professional and organizational growth in our global market.

William Paterson University By Dr. Richard J. Helldobler, President

We are beginning to see the impacts of forecasted demographic shifts sooner than expect­ed. A drop in the number of high school graduates and changes in the racial and ethnic makeup of those graduates will require colleges and universities to move more quickly in the coming year to diversify both sources of enrollment and new revenue streams.

LAW

Abu Judeh Health Law LLC By Abeer Abu Judeh, Esq.

California and other states will modify their legal ethics rules allowing non-lawyers to invest in law firms and tech companies to provide limited legal services. As a result, with every $1 diverted to ALSPs a law firm will lose $3.00. This democratization of the legal profession is a welcome change—reducing risks, lowering legal spend and streamlining work-flows.

Bertone Piccini LLP By Jeremy S. Piccini, Esq., Founding Partner

We anticipate a slow­down in 2020 due to tight­ening trade restrictions, a negative tax environment in New Jersey, increased legal implications on state business- es and a slight increase in interest rates, all of which, we estimate, will tighten legal budgets. For firms with 10-30 attorneys, slowdowns some- times result in a business uptick due to more effective and efficient rates.

Brach Eichler By John D. Fanburg, Esq., Managing Member, Healthcare Law Practice Chair

We provide timely legal support to in-house counsel or directly to clients; the ability to be quick to respond requires us to always have the ability to have appropriate bench strength to field top legal talent. Clients seem be less sensitive to being involved in another trans-action, being on trial or out on deserved vacations. We need to be available 24/7/365.

Chiesa Shahinian & Giantomasi PC By Daniel A. Schwartz, Esq., Managing Member

2019 evidenced the con­tinued rapid consolidation of New Jersey’s legal marketplace. Despite this, more than 30 attorneys chose to transi­tion their practices to CSG this year in recognition of the firm’s momentum and staying power. This influx of talent has afforded us with opportunities to expand, deepen and add value to our service offerings—and we fully expect this positive trend to continue in 2020.

Connell Foley LLP By Philip F. McGovern Jr., Esq., Managing Partner

Barring an economic downturn, 2020 should be a successful year for Connell Foley and the legal industry. Most firms saw an increase in revenues in 2019 and that trend should continue. The elections may alter these views depending upon the outcome, but with a strong econo­my, low interest rates and historically low unemployment, the legal profes-sion should continue to be in good shape.

Ekblom & Partners LLP By Neil Ekblom, Esq., Founding Partner

We represent physicians in healthcare-related transactions and litigation and haven’t seen any business declines. We see continued interest by private equity (PE) in physician practices. Further consolidation of healthcare will contin­ue outside the hospital orbit because of administration costs from regulations, reduced reimbursement and health coverage. Mature practices are rushing to be taken over by PE while rates are still low.

Genova Burns By Angelo J. Genova, Esq., Chair and Managing Partner

Genova Burns is better equipped to adapt, pivot and respond to clients in periods of business and eco­nomic volatility. I believe the legal industry will accelerate into “big law” where rates will go beyond what many clients can afford. In such an environ­ment, we can operate leaner and help fill the void with quality services and personal attention at reasonable rates.

Harwood Lloyd, LLC By Curtis J. Turpan, Esq., Co-Managing Partner

Harwood Lloyd is poised for growth across all lines of business in 2020. We anticipate con­tinued expansion in our banking and commercial departments, as well as in our matrimonial, estates, ADR/media­tion, real estate and litigation depart­ments. This growth is possible because our clients understand the value that Harwood Lloyd consistently provides to them.

NPZ Law Group, P.C. By David H. Nachman, Esq., U.S. Managing Attorney

We anticipate increased immigration law enforce­ment and more stringent HR corporate immigration law in 2020. Robust demand will continue for Highly Skilled foreign worker Visas (H-1B), Extra- ordinary Ability (O-1) Visas, and International Investor (E-2) Visas for strong candidates. H-1B Visa pro­grams will remain a viable method for highly specialized international workers to ensure U.S. competitive- ness in the global economy.

Riker Danzig Scherer Hyland & Perretti LLP By Brian E. O’Donnell, Esq., Co-Chairman

In 2020, Riker Danzig will continue to focus on partnering closely with our clients to solve their legal problems creatively and efficiently. Our deep bench of talent will provide practical and forward-thinking legal and business guidance in a year that we anticipate will include a very busy litigation practice, as well as an active real estate market and corporate transactions.

Rivkin Radler LLP By Evan H. Krinick, Esq., Managing Partner

I have never been con­fused with Nostradamus, but here are my predictions for 2020: law firms will increasingly rely on data analytics for efficiency; non-lawyers’ efforts to have ownership rights in U.S. firms will ultimately be successful; Millennials attaining law firm leadership roles will increase sensitivity to work-life balance; and firms will continue diversity and inclusivity efforts.

Sills Cummis & Gross P.C. By Max Crane, Esq., Managing Partner

Our firm is built on a sin­gular idea—putting our clients first. With the legal marketplace poised for another year of growth, pro­viding great service and value to our clients will continue to be a driving force at our firm in 2020. We will contin­ue to partner with our corporate clients to efficiently assist them, so they achieve their goals.

MANUFACTURING

Case Medical, Inc. By Marcia Frieze, CEO

Case Medical, a vertically integrated manufacturer of products for the healthcare industry, plans for a major expansion in 2020. Our goal is to double our manu­facturing capability with not only addi­tional space, but with state-of-the art machinery creating new STEM jobs in New Jersey.

NJMEP By John W. Kennedy, CEO

Manufacturing and STEM sectors will continue to grow despite the typically low business-friendly ratings. Extreme change is necessary on both the state and federal level to support New Jersey companies and the provision of career pathways for young adults, so both choose to stay in New Jersey. NJMEP will continue to advocate and work with legislators on these issues.

ZaGO Manufacturing Co., Inc. By Gail Friedberg Rottenstrich, CEO

At the time of this writ­ing, our industry, manufacturing, is in a recession due to trade pol­icy in disarray and the resulting uncer­tainty created in the global supply chain. Although manufacturing is only 10 percent of the overall economy, this could spill over into the wider economy in 2020. However, I am optimistic that there will be a course correction.

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MARKETING & COMMUNICATIONS

Amy Delman Public Relations, LLC By Amy Delman, Owner

I see the role of public relations continuing to spotlight the good works of companies, further aligning their organizational values to those of their own customers and to the employees they seek to attract. PR will continue to differentiate one firm in the same industry from another, which leads to greater market share and positive impacts on their bottom line.

Caryl Communications Inc. By Caryl Bixon-Gordon, President and Founder

The public relations industry will continue to utilize a wealth of avenues to communi­cate. From broadcast, print and online platforms, well-written news releases, features and bylines will earn press and audiences. Social media is perhaps the fastest growing tool, including LinkedIn, Facebook, Instagram, Blogs, Pinterest, YouTube and more. “The Medium is (and always will be) the Message.” (Marshall McLuhan)

CMA By Jeffrey Barnhart, CEO and Founder

CMA predicts further growth in digital market­ing, especially with personalization. This method takes digital marketing to the next level by utilizing digital technology to deliver personalized messages and a customized experience. Content marketing, video marketing and e-mail marketing deliver greater ROI when personalization is employed. We acquired Weblications to offer its clients an expanded breath of robust digital marketing solutions.

Splendor By Adam Taylor, Owner and CEO

We’ve seen a cross-indus­try uptick as the economy remains strong, with clients making long-term investments in their brands. Companies are realizing that branding is a true revenue driver. We’ll continue to focus on big-picture strategy and branding—while still adapting to eco­nomic and technological changes—namely automation and AI, as they’re weaved into emotional-based branding.

REAL ESTATE

Charity Realty International By James F. Costanzo, President, Broker of Record

The Trump Administration has been very good for New Jersey commercial real estate. With confidence in our future, corporations innovate, invest and expand. This has created historically low vacancy rates and record-high lease and sale prices. With next-day delivery becoming more the norm, New Jersey is well positioned to take advantage of our superior access to both existing and growing markets.

Levin Management Corporation By Matthew K. Harding, President

Today’s real estate mar­ket presents a particularly good—and pressing—opportunity for repositioning shopping centers. Whether a full rede­velopment, expansion or simple cosmet­ic ‘facelift,’ investing capital into an asset is key to attracting tenants, con­sumers and, ultimately, investors. In 2020, we expect landlords will be work­ing hard to position their properties to better serve and succeed in their mar­ketplaces.

Prism Capital Partners By Edwin Cohen, Principal Partner

New Jersey commercial real estate market funda­mentals and trending and will continue to head in the right direction in 2020, with a focus on workplace lifestyle remaining at center stage. Development and redevelopment—across sectors—is accommodating changing tenant expec­tations and needs and, subsequently, is helping our state remain on a positive trajectory.

ProudLiving Companies By TJ Caleca, President and Founder

In 2020, urban real estate markets outside of major metros will continue to feel pressure as middle- and upper-class residents become priced out. With an oversatura­tion of expensive real estate around New York City, transit-oriented suburbs a bit farther west—including Bloomfield and the Oranges—will see growth. We’re offering new amenities, first-class service and a growing infrastructure for our communities.

Terrie O’Connor Realtors By Terrie O’Connor, Founder, President

Last year’s Tax Cuts and Jobs Act had repercus­sions throughout the housing market, especially with taxes. New Jersey resi­dents are looking toward less expensive states. In addition, the world has taken a wait-and-see attitude since the 2018 economic slowdown. All this said, our area’s bucolic landscapes, stunning properties and proximity to Manhattan will always provide a draw for home buyers.

RISK MANAGEMENT

Guardian Data Destruction By Glenn Laga, President and Founder

New privacy laws and regulations will be required to protect the increasing amount of data that is available. Government will follow and implement new laws that will control the controllers, processors and owners of this data. U.S. corpora­tions will need to rethink and adjust their data protection polices to include the regulation cited in these new laws.

ICA Risk Management Consultants By Barron S. Wall, President and CEO

In 2020, ICA’s Insurance audit and marketing services will contin­ue to expand to new industries based on our unique perspective as a pure risk management consulting firm that does not sell insurance. Our enterprise risk management consulting services, (ERM), have been provided to existing clients, as well as those new clients seeking this comprehensive approach to handling risk management.

TECHNOLOGY

Certus Technologies By Evan Berk, Managing Partner

Recognizing cybersecuri­ty’s importance, the IT Managed Service Provider (MSP) indus­try—and Certus Technologies—is trans­forming into Managed Security Service Providers to deal with ever-changing, cyber threats. MSPs must make the siz­able investment in AI tools, Security Operations Centers and Security-as-a-Service offerings, and the need is going to accelerate as more stringent regulato­ry compliance laws must be met.

Decusoft By Bob Laurenzo CEO

In 2020, there will be an economic slowdown and potential recession towards the latter part of the year. Our business presents a great deal of opportunity as the need to improve employee productivity and operational excellence will increase. Our compen-sation software enables employees to be more productive and yields better employee experiences, thus enabling them to better serve their customers.

eMazzanti Technologies By Carl Mazzanti, President and Co-Founder

The year 2020 will see an increased urgency to strengthen business cybersecurity, particularly among small to mid-sized businesses in manufacturing, distribu­tion and retail, relatively easy targets for cybercriminals. eMazzanti Technologies will see growth in this segment of its IT services business by offering affordable, multi-layered cybersecurity solutions for business. The industry will see moderate growth.

Integrated Business Systems By Michael Mullin, President

Tech adoption continues to pick up speed in the commercial real estate sector. A new generation of evolving technologies geared specifically to this marketplace is driving this progress. Modern construction and development practitioners and property owner/opera­tors realize that integrated, automated and innovative software solutions are not only needed to compete, but to maximize profitability in today’s con­nected world.

Northeast Professional Planning Group, Inc. By Michael M. Salerno, CEO

People, process and tech­nology have been our oper­ational focus. As a result, NPPG has transformed into a technology firm within the Employee Benefits, Retirement Planning, Actuarial and Administrative Fiduciary industry. In 2020, we will continue to automate our client-centric processes to further operational efficiencies for our clients, as well as scalability for NPPG.

UTILITIES JCP&L By James V. Fakult, President and CEO

JCP&L recognizes that strong infrastructure and a strong electric delivery system will help attract business and commerce. Our recently approved reliability invest­ments have helped create more than 200 new jobs, many of which involve union employees. The work we do to support New Jersey’s overall business climate will benefit our customers by making our system more robust, reliable and resilient.

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