Listen to this articleFairWinds Advisors is a nationwide independent economic development consulting firm. The company specializes at helping companies minimize risk and maximize return from relocation and expansion projects. FairWinds analyzes and negotiates local and state incentives like tax credits and training grants. Below is our recent interview with Jenny Massey, Co-Founder and President at FairWinds Advisors:
Q: Why the name “FairWinds Advisors” – that doesn’t sound much like an Advisory firm?
A: Well, firstly both my partner and I love sailing. We often see parallels between a company and a ship; both need a good captain and an educated crew. We have to be aware of the changing weather conditions, direction, and timing. And, no matter how well you plan, there are always circumstances that happen out of your control; it’s how you deal with it that will impact your journey for good or ill. We feel that we become the experienced ship’s navigator for clients and assist them by avoiding obstacles, trimming up the sail and setting the correct direction and speed in order to accomplish a client’s goals. Our logo, though it may look like a sailboat, also integrates the co-founder initials; Massey and Walters.
Q: Tell us something more about FairWinds Advisors and your history?
A: FairWinds was born out of a desire to rebel against “standard practice” in the industry. Jay and I co-founded FairWinds in early 2012 to start a different kind of site selection economic development firm — one that was not just focused on making a profit – though we realize that is very important. We wanted to be active team-members of our client companies- to help them make the best location and incentive decisions along the entire 5-10 year project process without them fearing that they would be charged for every phone call or meeting. We feel that as our clients are successful, we will be, too! We’ve found that we build trust in the early years of a project and loyalty as we move through the years and more projects as they grow. Last month we were approved as a Certified B-Corp. Check out our profile here.
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Q: What is the motto that guides FairWinds Advisors decisions?
A: I suppose our guiding motto is that everything changes and nothing stays the same. This means we have to always be aware of the political environment, legislation and policy changes, incentive rules and regulations and the effects all of these have on our current and potential clients. We also understand that our clients experience mergers, acquisitions, sales and buy-outs; all of which affect their incentives. What makes us experts is that we expect this and are able to advise our clients how to best adjust to changing circumstances while still making best decisions with regards to incentives.
Q: Who are your clients?
A: We work with hc1.com, Mobi Wireless, ReaLync, Lesson.ly, OurHealth, SmartIT, Boar’s Head, Stanley B&D and many more. Generally, our clients are in these targeted industries: Technology, Life Sciences, Advanced Manufacturing, Logistics. Any for-profit, non-retail company that is adding jobs, making a capital investment or adding square-footage is a potential candidate for incentives. Approximately 70% of our clients are technology based as we do specialize in this area.
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Q: What is a project and how long does it take to complete?
A: We define a project as a 3-5 year picture of a client’s growth through planned new jobs and capital investment into new equipment or location. A project can be completed in as little as 2 weeks or take as long as a year; however, it really just depends on what the company needs. Most projects take 1-2 months to complete in the Midwest. Keep in mind that not all states offer incentives.
Q: Do incentives really make a difference?
A: Here is a real example for your consideration. One of our tech clients located in Virginia approached us with the potential to establish an office in Indiana. The company had a base employment number of zero with a five-year plan to invest $300,000 and add 31 new jobs with an average wage of $85,000/year. They were going to lease a small space at a tech incubator to start. We were able to achieve $415,000 of state support through training grants and refundable tax credits for their project – so $13,387 per new job. That has real value to a young company!
If you’d like to know more about how incentives could help your company, download our new ebook: Economic Development Incentives: Not Just for Big Business Anymore.
Q: What can we expect from FairWinds Advisors in the future?
A: We have so many great clients, especially in the tech world, so we are in the process of incorporating some of their cutting edge technology into our everyday business practices. We have a few integrations that will help our potential clients better understand economic development and our role in the process. As well, our clients will have the ability to see their project progress and status in easily readable format in real-time whenever they want. Our clients can expect a serious streamlining of communication, service and education this year!
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Q: What advantage does FairWinds Advisors have over its competitors?
A: We’re a small yet very dedicated team of professionals which translates to focused attention and quick flexibility to changing circumstances. We work every project personally and never hand it off. We work every project personally and never hand it off. We work every project personally and never hand it off to a lesser experienced team member. Because we own and manage the company, we are able to work with clients on fee and payment structures that are mutually beneficial. We work to our capacity, which means we take on clients that we believe in and who are also trying to do something good in the world. We also handle every aspect of a client’s project from the initial project definition through the term of the incentives – which can be up to 20 years!
We also take pride in discussing our client’s needs with them and help to translate that for government entities so that they can create better legislation affecting incentive creation, rules and regulation.
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