Todd Greer heads SpotRight, a consumer insights and analytics company based in Little Rock and Boulder. He previously spent 15 years at Acxiom Corp., serving as SVP responsible for its global data line of business, which represented almost one-third of Acxiom’s $1 billion-plus annual revenue.

Before joining Acxiom, Todd practiced law at Friday Eldredge & Clark, specializing in commercial law and business transactions in the technology industry.

Greer graduated from the University of Mississippi with a Bachelor of Science in computer science and an MBA and from the Bowen School of Law at the University of Arkansas at Little Rock with a Juris Doctor.

SpotRight completed a Series A financing round in 2015 and raised more than $6 million.

Please explain in layperson’s terms what SpotRight does.

SpotRight makes it fast and easy for large national consumer brands to understand people and turn them into customers. Using our web-based application called PersonaBuilder, our clients can understand and discover unique groupings of people who might buy their products (i.e., buyer personas), which will be used to drive their marketing strategies and campaigns. Our application is powered by information on people, such as social connections, media consumption, preferences, interests, purchases and demographic characteristics.

How does SpotRight make its money?

We make money in two ways: 1) we sell subscriptions to our PersonaBuilder application to marketing planning teams, and 2) we license our data-to-data analysts and marketing engagement teams.

How does information gathered from social media differ from that gathered through other means?

Information from social media is immediately available, gives insight into attitudes, behaviors and connections, and is contextual and dynamic. Conversely, consumer information that comes from myriad other sources (e.g., surveys, government censuses, data aggregators, public records) has great descriptive qualities and provides another view into attitudes and behaviors, but often takes a long time to compile and then make available to marketers.

It is the combination of social media data and these other trusted consumer-data sources that creates a deeper and richer dataset. In fact, the source of the data is less important than its usefulness, and ultimately we focus on bringing data together that is highly predictive for marketers.

You have an interesting resume, starting out as a software developer, moving into the law and then leaving law for the tech sector. What led you to your current job?

The path from A to B in life is rarely a straight shot, for sure, but my trek from Acxiom to SpotRight was a logical one. After 15 years at Acxiom, I knew I wanted to build a great technology company in Arkansas with the same caliber of people. With the advice, encouragement and support of an amazing network of mentors, family and friends, we devised a plan to raise capital, acquire the assets of a cutting-edge Boulder-based technology company, move the headquarters to Little Rock while maintaining a Boulder presence, and build an exciting business. We raised over $6 million, completed the transaction, hired world-class talent and are in the second year of executing on our business plan.

Businesses, especially small businesses, have limited resources within the business to address risks and challenges, and the prospect of involving someone outside the business causes privacy concerns. Attorney-client privilege is a unique aspect of the attorney relationship that empowers a business to seek counsel while maintaining confidentiality. 

The privilege protects both the communication from the business to the attorney and the attorney’s communications to the business. The purpose of the attorney-client privilege is to encourage and promote open and honest communication with legal counsel. 

Understanding how the attorney-client privilege works is important for businesses of all types and sizes. Here’s three key things every business should know about attorney-client privilege.

1. Communications related to legal issues are protected.

The privilege applies where legal counsel is requested by the business and the advice provided by the attorney relates to the legal issue. For example, if a business seeks legal advice related to whether a term in a contract is enforceable under the laws of Arkansas, that communication along with the advice rendered is protected by the privilege. 

Sometimes attorneys are called upon for other types of advice that are more of a business nature, such as whether the provisions of a contract meet certain business objectives. While an attorney who is familiar with the business’ objectives can provide valuable input on strategy and business decisions, it is important to understand that these types of communications are most likely not protected by the attorney-client privilege. Key to this distinction is whether the advice sought requires legal expertise.

Businesses, as well as their attorneys, should be mindful of this distinction between legal and non-legal advice, and carefully consider how they frame their communications.

Where the business expects the communication to be protected by the attorney-client privilege, the communication should reflect that the business requested legal counsel, and the advice provided by the attorney should be limited to the legal issue. The attorney can still provide the business advice, but it should be handled through a separate communication without the expectation of privilege. 

2. Communications are privileged — not the underlying facts.

When a business consults an attorney for legal advice and provides him or her documents to review, the nature and substance of the communication with the attorney are protected by the privilege. The business is protected in the sense that it cannot be compelled to answer questions about what documents were provided to the attorney or what advice was rendered. 

But this does not mean that a business can shield records from disclosure by simply providing them to an attorney for review. The business records are not protected from disclosure by the privilege —only the communications with the attorney about the records is entitled to protection.

3. Disclosure to third parties waives the privilege.

The attorney-client privilege does not protect communications disclosed to someone outside the attorney-client relationship. 

For example, if a business has its accountant or another type of consultant sit in on meetings with the attorney, most likely those communications will not be protected from disclosure. 

Likewise, a business must pay attention to which employees participate in the communications. As a general rule, for attorney-client privilege to apply, only employees involved with the subject matter of the legal issue being discussed may participate in the communications. This limitation means that businesses and their attorneys must pay careful attention to who (within and outside the business) is being included on communications. 

In instances where separate expertise (such as tax, engineering, technology, etc.) is required in connection with the legal advice requested, it is often preferred for the attorney to hire the consultant instead of the business. So long as the attorney has been requested to provide, and is providing, legal counsel, the work of consultants on behalf of the attorney is protected by the privilege. 

The attorney-client privilege is a valuable right for businesses — especially small businesses where internal resources are limited. When understood and handled correctly, the privilege allows a business to address its challenges and learn its rights without fear that the information will be subject to unwanted disclosure.

Rodney Moore, an attorney of counsel with the Wright Lindsey & Jennings law firm in Little Rock, represents clients in the health care, banking, technology and insurance industries. Email him at rpmoore@wlj.com.

Information technology services firm Mainstream Technologies of Little Rock on Thursday announced plans to open a second location in downtown Conway that will initially have 15 employees.

The company, which is celebrating its 20th anniversary this year, said it aims to hire another 30 employees over the next five years.

CEO Johnny Burgess said in a news release that the new site "offers us the opportunity to expand our footprint in an area that is rich in both talent and vision." He added that some of Mainstream's employees commute to Little Rock from Conway and will be able to work closer to home.

Conway Mayor Tab Townsell called this deal "a perfect fit."

Little Rock Regional Chamber Chairman Jeff Hathaway said the moves shows "a perfect example of how a regional approach to economic development can benefit the progressive counties and cities, and the growing businesses, of metro Little Rock."

Mainstream Technologies has an office at 325 W. Capitol Ave. in Little Rock. Founded in 1996, the firm has been named to the Inc 5000 list of the fastest-growing, private companies in the U.S. 

I hope you got a chance to read Senior Editor Mark Friedman’s law column last week, which belatedly broke the news that federal prosecutors in Little Rock had quietly dismissed last month all remaining charges against banker and businessman John Stacks.

While I firmly believe in the presumption of innocence, I used to also assume that the awesome power of the government — especially the federal government — is never wielded cavalierly. The Stacks case has challenged that assumption at every turn and, coupled with observation of several other cases, has led me to two conclusions:

♦ When the U.S. Attorney's Office in Little Rock is involved, the presumption of a defendant's innocence must be more than theoretic, and confidence that the power of the government is being used fairly and wisely must be tempered.

♦ Appointed judges not beholden to the whims of an excitable electorate need to be part of our state court system as they are in the federal justice system.

I don't have room in this space to dissect the devilish details of the Stacks case, the outline of which may be familiar to you by now. A tornado destroyed a barn on Stacks’ property at Damascus in Van Buren County in 2008, and Stacks availed himself of a half-million dollar Small Business Administration disaster loan to replace equipment owned by his Mountain Pure bottled water business that had been stored in the barn.

Somehow he and the SBA got crossways over the paperwork after the loan had already been granted, and Stacks — whose authoritative personality does not engender sympathy — ended up having his bottling plant in southwest Little Rock raided by federal agents in 2012. The raid was either a quasi-military invasion or a standard search, depending on which side you believe, and Stacks was furious. He produced an amateurish video reenactment of the raid, and his company and several employees sued (unsuccessfully) the federal agencies involved.

In December 2013, Stacks was indicted on 11 felony counts accusing him of defrauding the government when he got the loan.

Stacks denied doing anything wrong at all, and he went on trial in September 2014. We don’t have nearly enough staff to devote two weeks to gavel-to-gavel coverage of any trial, but I did go to U.S. District Judge Leon Holmes’ courtroom to hear Stacks testify in his own defense and submit to cross-examination.

I felt he had a plausible, believable explanation for everything the prosecutors threw at him, but I didn’t second-guess jurors who heard far more testimony than I did. They found Stacks guilty on seven counts and hung on three. (Prosecutors dismissed one count before the jury began deliberating.)

But Judge Holmes did second-guess. In a detailed 46-page opinion, he reversed the jury’s conviction on two counts and ordered a new trial on the other five convictions, saying “the evidence preponderates sufficiently heavily against the verdict that a serious miscarriage of justice may have occurred.”

It is too much to hope that federal prosecutors would stop spending taxpayer resources on a case so tenuous. They appealed Holmes’ order to the 8th Circuit Court of Appeals, but the appeals judges weren’t inclined to overrule “a thorough, reasoned” ruling by the judge who heard all the evidence.

Slapped down again, prosecutors finally offered to dismiss the charges if — and this is important — Stacks promised not to seek attorneys’ fees and costs, which federal law allows in cases of frivolous prosecution. Had he not agreed to that, the defiant U.S. Attorney’s Office was prepared to continue using tax dollars to beat this dead horse.

Pat Harris, the first assistant to U.S. Attorney Chris Thyer, continues to insist that “we had evidence that (Stacks) had defrauded the United States.” Stacks says it cost him at least $10 million in direct and indirect costs to defend against charges that the prosecutors couldn’t prove to the satisfaction of the judge.

And this case, combined with the recent action the other U.S. District Judge Holmes — P.K. in Fort Smith — has taken to punish abusive class-action attorneys, underscores the freedom that thoroughly vetted, appointed federal judges have to do what they believe is right. They don’t have to worry about an unpopular decision being used against them in a dark-money campaign ad. Our state court system needs judges like that, specifically at the Supreme Court level.

Gwen Moritz is editor of Arkansas Business. Email her at GMoritz@ABPG.com.

It’s been a year since federal agents, notably including some from the U.S. Army Criminal Investigation Command, raided a couple of Little Rock-area places of business.

Since then … crickets.

But Arkansas Business' Whispers column confirms Monday that a federal grand jury has been hearing testimony related to the searches of Powers of Arkansas and Kullander Construction Co.

At the time, Alan Hope, CEO of Powers of Arkansas, said the search concerned a contractor, DAV Construction Co., that shared its office space in the NorthShore Business Park in North Little Rock.

Hope described DAV as one of several "service-disabled, veteran-owned companies" for which Powers, an HVAC subcontractor, had done work.

As Arkansas Business noted at the time, Hope was also an officer of DAV.

Sources in the construction industry suggest that the investigation might be exploring subcontracts doled out by DAV after winning federal contracts thanks, in part, to its favored status as a vendor owned by a disabled veteran.

When Whispers knows more, so will you.

NEW YORK — When a small business is successful, an owner will likely face the question of whether to grow. After a lot of soul-searching, many say no.

Some worry that the quality of their products or services might be hurt because a larger company can be more difficult to operate. Or they don't want to tip their work-life balance away from spending time with family and friends. Others want to grow, but the time isn't right — they may be worried about the economy, and reluctant to take risks like hiring the staffers needed to handle more business.

Web design firm Geeks Chicago put expansion and hiring plans on hold for six to 12 months because its customers — companies of all sizes — have cut their budgets, says President Mark Tuchscherer.

"They're putting things on the back burner, developing only what they need right away," he says.

For Tuchscherer to start thinking about growth, he'd need to see customers bringing in projects at the pace they did two years ago.

The economy clearly is discouraging many owners from expanding. A Bank of America survey released in May showed 55 percent of 1,000 owners plan to expand in the next five years, down from 66 percent a year earlier. The survey also found that just 38 percent of owners expect their local economies to improve in the next year, and 29 percent expect the national economy to improve. The National Federation of Independent Business, which surveys its members monthly, found in July that just 8 percent believe it's a good time to expand.

A look at the factors some business owners have wrestled with:

Spread Too Thin

When Ben Freedland started ZINK, his online company selling tote bags and other accessories, in 2010, a brick-and-mortar store seemed like the most logical next growth step. Two years later, he opened a shop in Austin, Texas, only to discover that much of his time and energy was spent running it rather than creating new designs. Furthermore, the expense of operating the store put pressure on Freedland, especially when the uncertain economy made customers reluctant to buy.

Freedland closed the store in April, and is happily back to being what he calls a niche brand sold on the internet or in other people's stores. He's not committed to that forever, but amid the current economic conditions and the presidential campaign, he's content for ZINK to stay smaller.

"It's OK not to grow. It's OK for me because my main goal is to produce quality products, not to be the biggest company in the world," he says.

A Lifestyle Choice

Paul Maplesden and Tara Foss turn down some assignments for their freelance writing and editing businesses. They work out of their home in Asheville, North Carolina, creating content like articles, blog pieces and emails for companies, and they don't want to take on any more.

"Although money is important, we both value time and freedom, and we're not prepared to sacrifice that just for a bigger bank balance," Maplesden says.

Freedom for them means the ability to set their own schedules and choose their assignments. They have enough interest from clients that they could hire others and form a writing and editing agency. But that would require dealing with human resources issues and an investment in more technology.

"It invites whole other problems I don't want in my life," Maplesden says.

Once Burned, Twice Cautious

After downsizing his printing company, selling equipment and reducing his staff from 12 to three in 2011, Victor Clarke isn't looking to expand or hire in the near future.

The internet, email and document-sharing services had already devastated many printing companies before the Great Recession took another toll.

"I want to be a business owner that hires more people, but the economy hasn't been the greatest in the last eight to 10 years," Clarke says.

His Lynchburg, Virginia-based company, Clarke Inc., no longer does actual printing, but instead processes and formats documents and sends them to other companies that do print.

"Since we made the conversion five years ago, profit is up from a negative number to six digits and my stress level is down 99 percent," Clarke says.

If the business continues to do well and the economy picks up, he might hire another worker.

"Someday, but we're not there yet," Clarke says.

Keeping Service Steady

Jake Wilson is on the fence about his 5-year-old company, Top Class Lawn Care, and whether he should add to his staff of three and buy another truck. Wilson's concerned that if he does expand, he won't be giving his customers in the Kansas City, Missouri, area the kind of service he does now.

"A majority of my customers probably appreciate that the owner is on the property doing the work, or one of his right-hand men," Wilson says.

But he also worries about saying no to business because his company is small.

"I hate turning down potentially good paying customers," he says.

Which Direction To Go?

Peggy Jean's Pies has been such a success since it opened two years ago in Columbia, Missouri, that owners Rebecca Miller and Jeanne Plumley are thinking about expanding beyond the storefront that houses their bakery and store. The space next door is available, but maybe it would be better to open in a bigger city like St. Louis, 120 miles away. Or maybe acquire a production facility and sell pie dough in stores.

"All of these are attractive options," Miller says, but she adds, "I want to make sure that when we grow, it's in a smart, sustainable, long-picture way."

One concern is how she would handle problems bound to come up at two different locations.

"Sometimes I think, maybe I should take a deep breath and know we're in command where we are," Miller says.

(Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Start Here Little Rock, an initiative to increase the engagement of women and minorities in the entrepreneurial process in Little Rock, will host an event with panelists and speakers from 10 a.m. to 2 p.m. Saturday. 

The organization expects more than 300 people to attend.

Skip Rutherford, dean of the Clinton School of Public Service; Steve Rice, founder of Start Here Little Rock; a panel of women and minority entrepreneurs; and a panel of local entrepreneur support organizations will speak at the Ron Robinson Theater, 100 River Market Ave.

Sericia Cole will be the event emcee.

The first panel includes:

• Chris Bell, founder and principle consultant of full-service public accounting firm Complete Consulting of Little Rock;
• Jeston George, founder and CEO of technology company Apptegy of Little Rock;
• Ivan Hudson, founder of the Ivan Hudson Agency, a Farmers Insurance office in Little Rock;
• Tina McCord, founder and CEO of Zuni Learning Tree, a digital platform for teachers and parents;
• Gina Radke, CEO of aerospace interior hardware manufacturer Galley Support Innovations of Sherwood;
• Maf Sonko, founder and CEO of financial technology startup LumoXchange of Atlanta,
• Tinisha Turner, founder of BigUms Catering of Maumelle; and
• Maura Yancy, president and editor-in-chief of the Hola! media group of Little Rock. 

The organization panel includes representatives from the Arkansas Innovation Hub in North Little Rock, the Arkansas Small Business and Technology Development Center (ASBTDC), the Delta Regional Authority, the Small Business Administration (SBA) and the Venture Center in Little Rock.

Start Here Little Rock was launched in collaboration with the Clinton School an the Arkansas Association of Black Professionals.

According to a news release, there is 90 percent or higher opportunity gap for women and minority entrepreneurs seeking capital investment and the initiative seeks to close this gap.

Rutherford said in a release, "Democratizing access to capital for entrepreneurs from every part of our society is vital for success in modern innovation. Start Here Little Rock provides a starting point for minority and women entrepreneurs by raising awareness and providing access to the resources and support already available in the thriving startup community right here in Little Rock.”

"Resources for entrepreneurs exist in our community,” Katie Milligan, community organizer for Start Here Little Rock, said in the release. “The first step is to raise awareness among women and minority entrepreneurs, or would-be entrepreneurs, about what tools exist and work together to increase engagement by providing access to key resources, education and support. Start Here aims to begin the conversation towards building a more inclusive and accessible ecosystem.”

A 140-bed nursing home in south Pulaski County tipped the scales at $4.05 million.

Dixon Realty LLC of Wood-Ridge, New Jersey, purchased the Madison Health & Rehabilitation project at 2821 W. Dixon Road from Trinik Holdings LLC, led by Saeed Niksefat.

The deal was backed as part of a $15.7 million loan overseen by Oxford Finance LLC of Alexandria, Virginia.

The 9.09-acre development previously was tied to a March 2012 mortgage of $3.2 million held by Farmers Bank & Trust of Magnolia.

The property was bought at a $2 million foreclosure sale in May 2008. The transaction followed a $5.7 million judgment two months earlier against Southwest Nursing Homes Inc., led by Stafford Kees.

Wendy’s Transaction

A 3,400-SF fast-food eatery in west Little Rock weighed in at $2.11 million.

Sea Salt LLC of Memphis acquired the Wendy’s at 17716 Cantrell Road from Fourjay LLC, led by John Shanks.

The deal is financed as part of a $4 million loan from Independent Bank of Memphis. The 1.19-acre development previously was linked with an August 2013 mortgage of $1.3 million held by the bank.

Fourjay purchased the location for $831,000 in February 2013 from Ranch Properties Inc., led by Ed Willis.

Saddle Creek Sale

A 6,992-SF office building in west Little Rock changed hands in a $940,000 sale.

Jason and Sarah Everett bought the 8221 Ranch Drive project from Saddle Creek Center LLC, led by Ed Willis.

The deal is funded with an $884,000 loan from First Security Bank of Searcy.

The 1.01-acre development previously helped secure a November 2010 mortgage of $2.3 million held by the bank. The land was acquired in August 1984 as part of a $2.15 million land deal with Johnson Land Co., led by Glenn H. Johnson.

Sustainable Purchase

A 7,980-SF industrial building in east Little Rock is under new ownership after a $450,000 deal.

Sustainable Properties LLC, led by Chris Adner and Matt Bell, purchased the Arrow Printing project at 1403 E. Sixth St. from the namesake trust of Jerry and Billy Neal.

The deal is backed with five-year loans of $382,500 and $270,300 from IberiaBank of Lafayette, Louisiana.

The Neals bought the 1.13-acre de-velopment for $240,000 in April 1997 from Darragh Investment Co., led by Thomas Darragh.

Restaurant Acquisition

A 2,481-SF eatery in southwest Little Rock rang up a $281,937 sale.

SCFRC-HW-G LLC of Princeton, New Jersey, acquired the Sam’s Southern Eatery at 6205 Baseline Road.

The seller is CNL APF Partners Ltd., an affiliate of GE Capital of Norwalk, Connecticut.

The 0.76-acre development was purchased for $541,000 in June 2003 from SHN Properties LLC of Nashville, Tennessee.

Sherwood Site

A 2.75-acre commercial site in Sherwood drew a $175,329 transaction.

CKP Commercial Properties LLC, led by Paul and Andrea Wilson, bought the land at the northwest corner of Highway 107 and Millers Park Drive. The seller is 107-Oakdale LLC, led by Byron McKimmey.

The deal is financed with a two-year loan of $169,000 from Arvest Bank of Fayetteville.

The land was acquired in February 2006 as part of an $8.3 million transaction with Metropolitan Land Co., representing the heirs of Justin Matthews and his Metropolitan Trust.

Estates Sale

A 6,985-SF home in west Little Rock’s Valley Falls Estates neighborhood tipped the scales at $1.25 million.

Matthew and Patricia Jones purchased the house from Brett and Amanda Bennefield.

The deal is funded with a 15-year loan of $417,000 from First Security Bank.

The property was bought for $1.35 million in October 2013 from the Gene Graves Revocable Trust.

Chenal Circle Abode I

A 6,605-SF home in the Chenal Circle neighborhood of west Little Rock sold for $955,000.

The Linda D. Gleason Revocable Trust acquired the house from Phillip and Robin Johnson.

The deal is backed with a five-year loan of $859,500 from Citizens Bank of Batesville.

The residence previously was tied to a $620,000 loan held by Summit Bank of Arkadelphia.

The Johnsons purchased the property for $760,000 in April 2014 from Bank of New York Mellon.

Hickory Creek House

A 4,915-SF home in west Little Rock’s Hickory Creek neighborhood changed hands in an $825,000 transaction.

Johnathan and Julia Goodwin bought the house from CBM Appraisals Inc., led by Christopher Maris.

The deal is financed with a 30-year loan of $742,500 from Stifel Bank & Trust of St. Louis. The residence previously was linked with a November 2014 mortgage of $690,000 held by Southern Bancorp Bank of Arkadelphia.

CBM acquired the property for $620,000 nearly two years ago from Calvin and Joyce Arnold.

Maisons Residence

A 6,099-SF home in The Maisons neighborhood of west Little Rock’s Chenal Valley development is under new ownership after a $695,000 sale.

Vijay and Grace Raja purchased the house from David and Tracy Rhodes.The deal is funded with a 25-year loan of $660,250 from Regions Bank of Birmingham, Alabama.

The residence previously was tied to an August 2007 mortgage of $250,000 held by the bank.

The Rhodes family bought the location for $72,000 in April 2004 from Deltic Timber Corp. of El Dorado.

Chenal Circle Abode II

A 5,807-SF home in the Chenal Circle neighborhood of west Little Rock rang up a $550,000 transaction.

Sara Hanna acquired the house from Debora Owens. The deal is backed with a 15-year loan of $412,500 from One Bank & Trust of Little Rock.

The residence previously was linked with a September 2006 mortgage of $550,000 held by Bank of England.

The property was purchased for $875,000 nearly 10 years ago from the Paul & Ann Weaver Family Trust.

Woodland’s Home

A 3,827-SF home in the Woodland’s Edge neighborhood of west Little Rock drew a $539,000 sale.

Matthew and Michelle Barden bought the house from Arbor Construction LLC, led by Michael Moran. The deal is financed with a 30-year loan of $417,001 from JPMorgan Chase Bank of Columbus, Ohio.

The residence previously was tied to a November 2015 mortgage of $409,600 held by Bear State Bank of Little Rock.

Arbor acquired the site for $76,000 nine months ago from Rocket Properties LLC, led by Lisenne Rockefeller and Ron Tyne.

Noah’s Mortgage

A 10,662-SF Noah’s event center in west Little Rock is securing a $3.1 million financial package.

NC Little Rock 642 LLC of Frisco, Texas, obtained the loan from EquiTrust Life Insurance Co. of Chicago.

The 1.7-acre site at 21 Rahling Circle was purchased for $859,636 in May 2014 from Deltic Timber Corp.

Motel Financing

The owner of a 55-room motel in North Little Rock landed a $2 million funding agreement.

Shree Mahalaxmi Corp. of Humble, Texas, got the three-year loan from Farmers & Merchants Bank of Stuttgart.

The 1.2-acre Simply Home Inn & Suites development at 110 E. Pershing Blvd. previously was linked with a May 2015 mortgage of $1.2 million held by the bank.

SMC bought the property for $1.3 million in March 2015 from KMP LLC, led by Kolila Patel.

The top man at the world’s largest company is again the highest-paid executive in Arkansas.

C. Douglas McMillon, CEO of Wal-Mart Stores Inc., has returned to the No. 1 spot on the annual list of executive compensation at publicly traded companies headquartered in the state. McMillon, whose total compensation topped $19.8 million in 2015, had been displaced on last year’s list by Gregory S. Foran, who benefited from stock awards granted when he was named executive vice president in 2014.

McMillon and Foran, No. 4 this year, are among six current Wal-Mart executives ranked among the 10 highest-paid executives on this week’s list. It ranks executives of 20 publicly traded companies headquartered in Arkansas by total compensation as disclosed in the companies’ most recent proxy statements. In most cases, the fiscal year ended Dec. 31, 2015; exceptions are Tyson Foods Inc. (Oct. 3, 2015); Dillard’s Inc. (Jan. 30); Wal-Mart (Jan. 31); Acxiom Corp. (March 31); and America’s Car-Mart Inc. (April 30).

Sandwiched between McMillon and Foran are:

• Roger W. Jenkins, CEO of Murphy Oil Corp. of El Dorado, which recorded the lowest net income of the 20 companies last year — a $2.27 billion loss, thanks to the cratering of petroleum prices; and
• Donnie Smith, CEO of Tyson Foods, the second-largest company in the state in terms of both revenue ($41.4 billion) and net income ($1.2 billion).

In a numerically satisfying coincidence, exactly 100 executives are ranked this year, up from 94 in 2015 mainly because the roster of public companies issuing regular proxy statements grew by one: Communications Sales & Leasing Inc. of Little Rock, which was spun off of Windstream Holdings Inc. in April 2015.

The total compensation for the 100 executives totaled $269.3 million, and the average of just under $2.7 million was down from $2.96 million last year.

Arkansas Business’ list breaks down total compensation into salary, the calculated value of stock and stock options awarded, bonuses or other cash performance pay, plus any other compensation reported to the U.S. Securities & Exchange Commission.

Only about 18 percent ($48.7 million) of the aggregate compensation came in the form of base salary, reflecting the preference for performance-based compensation of proxy advisory firms like Institutional Shareholder Services Inc. of New York.

Compensation totals ranged from McMillon’s $19.8 million to the $160,000 annualized base salary reported for Michelle Dillard, the ninth member of the founding family to join the payroll of the Little Rock retailer.

Most of the companies reveal the pay packages only of the top managers — what the SEC calls “named executive officers” — but Dillard’s Inc. also discloses the compensation of a sister (Denise Mahaffy) and children of CEO William Dillard II (William III) and President Alex Dillard (Alexandra, Annemarie and Michelle). Executive Vice Presidents Mike Dillard and Drue Matheny, brother and sister of William II and Alex Dillard, are also named executive officers.

Total compensation for the nine family members totaled $12.5 million last year. That was almost exactly the amount that John Tyson, chairman of Tyson Foods of Springdale, realized by exercising stock options last year.

Tyson also collected compensation of $8.75 million, placing him No. 7 on the list.

Cash realized by the exercise of stock options is reported on the list but is not included in the compensation total. Tyson was among only 29 of the 100 executives who exercised options during 2015; the other 28 divided up almost $48.6 million.

Kirk Thompson, chairman of J.B. Hunt Transport Inc. of Lowell, No. 30 on the list with total compensation of $2.27 million, realized the second-highest payday by exercising stock options: an additional $7.7 million.

Others in the top 10 are three executive vice presidents at Wal-Mart: No. 5 Neil M. Ashe, No. 6 David Cheesewright and No. 10 Rosalind G. Brewer, the highest-paid woman on the list. M. Brett Biggs, No. 8 with total compensation of $8.6 million in 2015, was promoted to chief financial officer upon the retirement in January of No. 23 Charles M. Holley Jr.

Noel M. White, senior group vice president for Tyson Foods, landed at No. 9.

10 Women

Among the 100 executives on the list are 10 women, starting with No. 10 Brewer, who heads Wal-Mart’s Sam’s Club division. Half of them are the Dillard women:

• No. 42 Drue Matheny;
• No. 73 Denise Mahaffy;
• No. 93 Alexandra Dillard;
• No. 96 Annemarie Dillard; and
• No. 100 Michelle Dillard.

Michelle Dillard and No. 51 Kelli M. Hammock, a senior vice president at Murphy Oil Corp., are newcomers to the list. The other female executives are:

• No. 31 Judy R. McReynolds, CEO of ArcBest Corp. of Fort Smith;
• No. 34 Shelley Simpson, executive vice president of J.B. Hunt; and
• No. 35 Mindy K. West, chief financial officer of Murphy USA Inc. of El Dorado, the retail spinoff of Murphy Oil.

New Names

Biggs, Hammock and Michelle Dillard were among 22 new names on this year’s list.

Communications Sales & Leasing, the Windstream spinoff, contributed three newbies:

• No. 12 Kenny Gunderman, president and CEO;
• No. 48 Mark A. Wallace, EVP and CFO; and
• No. 55 Daniel L. Heard, SVP and general counsel.

Other newcomers are:

• No. 27 John Eckart, CFO of Murphy Oil;
• No. 29 Richard E. Erwin, president and general manager of audience solutions for Acxiom of Little Rock;
• No. 36 Nicholas Hobbs, president of dedicated contract services for J.B. Hunt;
• No. 44 Brian S. Davis, CFO of Home BancShares Inc. of Conway, parent company of Centennial Bank;
• No. 46 Keith S. Caldwell, SVP and controller for Murphy Oil;
• No. 47 Kevin Hester, chief lending officer for Home BancShares;
• No. 49 S. Travis May, president and general manager of connectivity for Acxiom;
• No. 63 Timothy D. Thorne, president of ArcBest’s Arkansas Best Freight division;
• No. 64 Phillip R. Watts and No. 69 Chris B. Johnson, co-principal financial officers for Dillard’s;
• No. 66 David M. Redmond, president of consumer and SMB for Windstream;
• No. 75 David R. Cobb, VP and controller for ArcBest;
• Mark McFatridge, CEO of Bear State Financial Inc., who came in at No. 82 because his total compensation of almost $620,000 represented only three months of work leading the holding company for Bear State Bank; and
• No. 91 Christian C. Rhodes, VP and chief information officer for USA Truck Inc. of Van Buren.

Two others made their first and last appearances:

• No. 58 Thomas M. Glaser, who served as interim president and CEO of USA Truck after the resignation of No. 37 John Simone in 2015. Glaser was succeeded by Randy Rogers in January, and Simone died of lung cancer in March.
• No. 78 Joseph Henderson III, who resigned as VP of fuels for Murphy USA in December.

Already Gone

Holley, Glaser, Simone and Henderson aren’t the only names on the list who have since left their positions. Others who are already gone include:

• No. 59 David L. Bartlett, who retired in January as president and chief banking officer for Simmons First National Corp. of Pine Bluff;
• No. 77 Russell Overla, who resigned in September as executive vice president of Truckload Operations for USA Truck;
• No. 90 Michael R. Weindel Jr., another USA Truck EVP who resigned in February;
• No. 94 Kevin G. Fitzgerald, who retired as EVP and CFO for Murphy Oil Corp.; and
• Randy Mayor, who came in at No. 99 after retiring as CFO for Home BancShares in July 2015.

Tacos 4 Life plans to open its first location in Little Rock early next year, on an out-lot at Shackleford Crossing Shopping Center, the real estate development company Haag Brown Commercial announced on Friday.

It will be the fourth restaurant for the mini-chain, based in Conway and owned by Austin Samuelson and his wife, Ashton. There are currently two Tacos 4 Life restaurants in Conway and one in Fayetteville.

"We are growing, and excited to be opening a location in Little Rock which is a tremendous milestone for our young company," Austin Samuelson said in a news release from Haag Brown, which is headquartered in Jonesboro.

The stand-alone restaurant fronts South Shackleford Road, just east of Interstate 430, "creating massive exposure for the site," the news release said. It will occupy a 1-acre lot between the Longhorn Steakhouse and the Boomerang Carwash.

Hank Kelley and Eric Varner of Flake & Kelley Commercial of Little Rock represented the seller, Shackleford Crossing Investors LLC.

The Tacos 4 Life restaurants donate 22 cents toward feeding a child for every meal purchased at the restaurants. That 22 cents, which goes to the nonprofit Feed My Starving Children, is the cost of a meal for a malnourished child.

"We've assisted Tacos 4 Life in creating a vigorous development plan and Little Rock was the most logical place to start," said Joshua Brown, a principal in Haag Brown. "It is in the heart of Arkansas and will provide an anchor to branch out from."

"Our main focus as a restaurant is to feed hungry children by providing customers with made-from-scratch amazing food," said Ashton Samuelson. "Opening another location will allow us to build relationships in a new community and raise even more meals for hungry children."

Austin and Ashton Samuelson were recognized in the 2016 class of Arkansas Business' 40 Under 40. They told Arkansas Business that they want to have 20 company-owned stores by the end of 2020.

WASHINGTON — American consumers boosted spending at a slower pace in July, while their incomes accelerated slightly.

(Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

Interactive advertising agency Mass Enthusiasm Inc. is hosting another Google Partners Connect event at its headquarters in downtown Little Rock on Sept. 28, from 10:45 a.m.-12:15 p.m. 

Sign up here to attend. 

According to a news release, Tim Reis, Google’s director of performance agencies, will speak on the latest mobile trends, research and insights to help small business reach customers when customers need them.

Mass Enthusiasm was one of the first certified Google agencies in the greater Little Rock area and is a Google partner.

Take a minute and think about this question: What characteristics do you want in people entrusted with your loved ones?

How about the teacher who is responsible for shaping the mind and character of your child for eight hours a day, nine months out of the year? Or the nurse who spends morning, noon and night beside your aging parent’s bed, helping them get dressed, feeding them every meal and making sure they are well cared for?

Good values?

Informed and knowledgeable about their field?

Passionate about the job they do?

You see when it’s our family — our heart connection — we expect those whose jobs it is to help the ones we love to have exceptional values, be extremely knowledgeable about their "expertise" in a subject and to exude passion and energy, which shows that they love what they do every day and their job is much more than a paycheck.

In my 25-year, international career at Caterpillar, I found that these same three principles (hiring and retaining values-driven, informed and passionate people) are the key to true, sustainable success in an organization.

As a leader, you serve in a crucial role that shapes the culture and success of the organization, and your front-line people are the company’s most important resource. They are the “teachers” and “nurses” who we expect to give exceptional care and service to our loved ones.

Gallup’s “State of the Global Workplace” study shows that less than 30 percent of employees are “engaged” and are truly “connected” to their company and are making positive contributions. The majority of workers — more than 70 percent — are disengaged and are essentially “checked out” and are “coasting.” They’re either sleepwalking through their workday, putting time, but not energy or passion into their work or are acting out their unhappiness and are “toxic” to the organization.

How does this play out in terms of business results? What about in quality of life?

People spend the majority of their lives at their workplace. As a result, the work environment has an incredible impact on their lives outside of the office — as parents, spouses and citizens.

Leaders must recognize that their most important job responsibility is investing in their people.

The often overlooked and underappreciated “front line” people can achieve amazing results if their leaders care for them, invest in them, and then hold them to high expectations. When your people know that the organization cares about them, not just in terms of what they deliver to the bottom line, but as human beings, when they see the organization investing in them through training and development, and they experience the organization holding them to high expectations, amazing things happen. In this work culture, your people will return the favor and care deeply about your organization (and not just about their paychecks), leading to significantly improved business results. Society will also benefit because people in these environments will become better parents, spouses and citizens as a result of reinforced values, increased dignity and a new sense of purpose.

So, in this era of cynicism and self-centeredness — especially in business — we encourage you to be wildly different and transform your organization into one of true values and ethics, unbridled passion and energy, and one with a sense of purpose that will attract the “best of the best” employees and passionate customers/clients who will line up in droves to be associated with an organization ... like yours.

ABOUT JON HARRISON

At the peak of a successful 25-year career at Caterpillar Inc. (including director-level positions in Australia, Japan, and most recently, as general manager for their new, world-class manufacturing facility in North Little Rock), Jon left corporate America to follow his calling of serving people that are often overlooked and underappreciated. 

This transition from a career focused on “success” to one that focuses on “significance” was an easy one for Jon as the common theme during his career at Caterpillar was his passion for people. Jon is known as a leader who places special attention on the “front-line” team members who are often ignored in many organizations. Driven from this passion, Jon founded his own company, VIP2, (Values-driven, Informed, Passionate People). VIP2, through several avenues, assists organizations with this critical journey, resulting in successful organizations and transformed lives. 

Jon holds a Bachelors of Science degree in Business Economics from the Kelley School of Business at Indiana University, and is a graduate of the Advanced Management Program at Duke University. 

Lenny’s Subs, which is rebranding as Lenny’s Grill & Subs, wants to expand in Arkansas, with the goal of opening 20 to 30 in the state in the next five years. That’s according to Bob Ritter, vice president of franchise and market development for the chain, based in Memphis.

Len Moore founded Lenny’s in 1998, but Johnson Ventures now owns the chain, which has 104 shops in 12 states. Little Rock’s Lenny’s is at 11401 Financial Centre Parkway, and it has one location each in Bentonville and in West Memphis.

Lenny’s emphasizes freshness, Ritter said, but what distinguishes the restaurant are its Philly cheesesteaks. And as part of its rebranding, Lenny’s is adding salads and soups to its menu to attract more families.

Lenny’s is looking for single and multi-unit franchisees in Arkansas, Ritter said. Lenny’s averaged $562,000 in sales per store in 2015, he said. The state has a lot of good markets, Ritter said, but finding people committed to the quality the brand seeks to deliver can be a challenge.

Watermill Express is seeking franchisees in the Little Rock area to open its water-selling kiosks. The windmill-shaped kiosk serves as “a mini water purification plant,” said company co-founder Lani Dolifka, where customers can bring their own vessels to fill with clean water. The price for the water, whose source is usually municipal water systems, ranges from 25 to 35 cents per gallon.

The system is computer monitored, Dolifka said, helping guarantee the quality of the water, said Dolifka, who started the company with her husband, Don, in 1984 in Brighton, Colorado.

Watermill Express has 1,300 locations in eight states. Learn more at WatermillExpress.com.

A rebuilt Stoby’s is still at least seven months away, owner David Stobaugh said last week. “We’re looking at early spring” before the landmark Conway restaurant can be up and running again.

A March fire put Stoby’s out of business, at least at that location. David and his wife, Patti, Stoby’s co-owner, decided to raze the old fire-ravaged house that was home to the restaurant and rebuild in the same location, 805 Donaghey Ave. But in the meantime, they opened a temporary location offering to-go service that they dubbed Stoby’s Express, at 1310 Prince St.

And Stoby’s Express has been something of a revelation to David Stobaugh. Even with strictly to-go orders, limited hours and a limited menu, business has been brisk. Breakfast was added last week.

“We’ve got a lot of people that are encouraging us to keep that open even after we open the other one,” he said. “The logistics on that employee-wise would be a little tricky, because the insurance company paid everybody for 60 days and my core group of people for a year, so I’ve got that core group of people that are over there working, and of course I’m going to want to take them back to the restaurant when it reopens.”

As for building the new, improved Stoby’s, “we’re inching along, making slow progress,” Stobaugh said. The rebuilt restaurant will be much larger, about 4,200 SF compared with 1,375 SF, and will have twice as much seating, with room for about 128 diners.

In addition, they’re razing the house next door, just north of the old Stoby’s and which the Stobaughs also own, to create 50 parking spaces.

“The vision is to put a building back there that looks like Stoby’s did before but looks like it was added onto,” he said.

NBMC of Greenbrier is the general contractor on the Stoby’s project, which Stobaugh estimated would come in at “north of $1 million.”

Business at Stoby’s Express has been so good that he thought about just opening two more Express sites, which would have required a lot less than $1 million, instead of putting that money into rebuilding Stoby’s. But Conway, to “an amazing degree,” has adopted Stoby’s, Stobaugh said, and its destruction by fire created a feeling of loss. “I think it really was an important part of the community, and I think we feel a responsibility to put it back for Conway as well as for ourselves,” Stobaugh said.

Still, he thinks Stoby’s Express locations could work in east Conway and Greenbrier. And as for the wait time for the rebuilt Stoby’s Restaurant, “I’ve decided I’m going to use the Apple marketing program, which is anticipation.”

Eight women and a congregation of Catholic nuns were the second class of inductees honored by the Arkansas Women’s Hall of Fame at a banquet in Little Rock on Aug. 25.

The nonprofit Hall of Fame was incorporated in 2014 as a joint project of the North Little Rock Chamber of Commerce and Arkansas Business Publishing Group, and major sponsors of the event include Centennial Bank of Conway, BMW of Little Rock and Eagle Bank, also of Little Rock.

Nominations for the 2017 class of inductees are being accepted online at ARWomensHallOfFame.com. See profiles and biographies of this year's class at ArkansasBusiness.com/AWOF.

Did you know that the printing company B&B Solutions of Mabelvale was sold last month to Deluxe Corp. of Shoreview, Minnesota?

The purchase price wasn’t made public.

“The suite of services that B&B Solutions has fits well with what … we do,” said Deluxe spokesman Cameron Potts.

Deluxe, which is best known for printing checks, also handles small-business marketing efforts for its customers. B&B services include printing, promotional products and marketing and branding for companies.

Potts said the deal closed on Aug. 15 and no layoffs are planned for B&B’s staff of 25 people.

B&B also will keep its name at least for the next couple of years.

Publicly traded Deluxe had $1.8 billion in revenue in 2015, which was up nearly 6 percent from the year before.

The power of entrepreneurship has never been stronger. 

In Arkansas and elsewhere, the mechanisms of creation, promotion and distribution of ideas and products are at the fingertips of most people. The historic barriers for entry into the marketplace are giving way. And perhaps the most exciting aspect of this climate is that nobody knows what the next big thing will be – which means it could be your idea that takes off. 

But many startups miss their opportunity because they sputter before they start. Here's four obstacles to startup success and how to avoid them:

Putting Your Engine in the Wrong Vehicle

One of the first steps for a startup is choosing the type of entity vehicle in which to place its entrepreneurial engine. Limited liability companies, or LLCs, are easy and cheap to establish and work perfectly for many forms of businesses. 

But if the startup needs investors to inject capital (and nearly all do), an LLC likely will not be the best vehicle – indeed it may prove to be the wrong vehicle. For example, professional investors often insist that the vehicle be a Delaware corporation because they prefer the business-minded laws of that state and the corporate structure provides for better equity options than an LLC. 

Failing to Designate a Driver

Successful one-person startups are rare because multiple expertise and effort are typically required to conceptualize and market a new idea. Most often, the talent and sweat of multiple people combine to spark a successful startup. 

Take for example a software company formed by a computer programmer and a marketing person. Often when they set up the entity, the ownership will be allocated 50/50. But what happens if, six months later, they can't agree about an important business decision? Many businesses sputter because the founders reach an impasse. 

To avoid this issue, startups should consider an unequal ownership structure or management agreements that provide a mechanism for breaking an impasse. At a minimum, the founders should consider a “silver bullet” provision, which provides a mechanism to force an end to the joint ownership of the company.

Another problem that arises with equal ownership can occur when one of the founders loses interest in the business. In our software company example, what if the marketing person stops peddling the software? The programmer is stuck with an equal owner who's not carrying his or her weight. 

To address this issue, startup founders should consider vesting schedules for ownership over multiple years with stated expectations for participation of each founder in the development of the business. 

Allowing a Syphoning of Resources

Often startups are born of some new concept or technology. The creators of these types of work have intellectual property rights. Many startups neglect to have these intellectual property rights assigned to the business entity. 

If the founders are the only people involved and they're still getting along, this can be an easy problem to fix. But what if other people were involved in creating the software and they won't agree to assign their rights? 

Purchasing these rights and/or litigating about these rights can be very expensive, effectively syphoning the resources needed for the operation of the startup. So it's best to address intellectual property rights sooner rather than later.

Inviting the Wrong People to Ride

Investors are essential for most startups, and the options — angel investors, venture capitalists, crowd-funding — are expanding rapidly. But soliciting and acquiring capital investors is fraught with danger. 

First, many startups aren't familiar with securities laws and are shocked to learn that taking cousin Eddie's investment may be illegal. 

Second, not all investors are subject to the same rules. Accredited investors, who have a certain net worth or income level, are not protected the same as investors of lesser means – meaning it is advantageous for startups to deal with accredited investors. 

Third, each new investor brings a new agenda and set of concerns. An overly demanding investor can wreak havoc on the operation of a startup. Moreover, potential new investors may be attracted or repelled by the existing investors. Startup owners should exercise diligence in soliciting and selecting investors. 

To avoid these problems, and others, that cause startup businesses to sputter before they start, entrepreneurs should seek advice from attorneys, accountants and other professionals who are familiar with the legal and financial needs of start-up businesses. 

Better to check the health and viability of your startup before it sputters at an inopportune time down the road. 

Rodney Moore, an attorney of counsel with the Wright Lindsey & Jennings law firm in Little Rock, represents clients in the health care, banking, technology and insurance industries. Email him at rpmoore@wlj.com.

NEW YORK — With Congress back at work, small business owners are hoping issues they care about like tax reform or health care will get some attention. They may be left waiting a while.