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4 NorthBaybiz
September 2024
CONTENTS
49 YEARS OF BUSINESS INTELLIGENCE
September 2024 • Volume 49 • Number 11
24
LEAD STORY 24 The Wealth Whisperers
FEATURE STORIES 32 Mas Capital! Janis Mara
Marin money consultants advise sufferers beset with ‘sudden wealth syndrome’ Vicki Larson
Marin Sonoma Impact Ventures invests in community startups
38 Student Loan Forgiveness Pragmatic solution to predatory lending, or sweet deal for poor decisions?
Jane Hodges Young
WORK/LIFE 18 Retirement 19 Hiring 20 Wine 22 Layoffs
48 Smart Money Mallorie Deming North Bay organizations recognize the value in financial literacy 55 RoboCrop Jessica Zimmer Will vineyard automation cost human farmworkers their jobs?
September 2024
NorthBaybiz 5
60 67
62 65 DEPARTMENTS 12
COLUMNS 11
Publisher’s Forum Lawrence Amaturo We need housing supply, not housing subsidies
The 707 Jason Walsh The latest news from Sonoma and Napa counties
14
31
The 415 Jason Walsh The latest news from Marin County
Napa Insider Christina Julian Texas wines? Yeehaw!
23
37
The Month In Numbers Jason Walsh A look at the key figures shaping life in the North Bay Alexandra Russell Donum Estate, big art and big wine in Sonoma Valley Great Tastes
Only In Marin Bill Meagher Pumped for a fight in Point Reyes Station
60
47
Econ 101 Robert Eyler How higher education benefits the local economy
62
Dine Wise Jason Walsh Nick’s Cove, at water’s edge in Marshall
54
Tech Talk Michael E. Duffy Does your business need an app?
67
What’s Happening Upcoming North Bay events
59
Vine Wise Adam Lee The legacy of ‘Sideways,’ two decades later John Ash Sopa de Lima, a tastebud trip to the Yucatan In the Kitchen
71 72
On the Move
65
Biz Scene The 2024 Sonoma County Fair
74
Beyond the Boardroom Rosie Padilla Patricia Farrar-Rivas, co-founder of Veris Wealth Partners
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NorthBay biz (ISSN No. 1542-3549: USPS 097-770) is owned and published monthly (plus three bonus issues annually) by North Bay Media Group, LLC. Editorial offices are at 3392 Mendocino Ave., Santa Rosa, CA 95403 USA: (707) 528-4434. Sub- scription price is $35 per year. Periodicals Postage Paid at Santa Rosa, CA 95402 and at additional mailing offices. Copyright 2022, NorthBay biz. Reproduction of this issue in whole or in part is strictly forbidden without written permission by the publisher. POSTMASTER: Send address changes to NorthBay biz, 3392 Mendocino Ave., Santa Rosa, CA 95403 USA.
6 NorthBaybiz
September 2024
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September 2024
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Books Are Portable Magic Remember being read to as a child? M y mother read aloud to me, and one of my favorite books was Charlotte’s Web by E.B. White. But what I remember most was the sound of her voice, the rhythm of the words and what it felt like leaning into her, while she read aloud to me. The pages of those books she read transported us to faraway places—real and imaginary—and taught me about life and oPened my mind to all the possibilities. So when I became a mother, I began reading to my kids. And now I’m reading to my grandchildren every chance I get. As for my mom, now a great-grandmother, she still takes great joy in reading to the kids whenever she visits. Remember to take time every chance you get—eat, play, read. Reading helps build language and thinking skills, develops a child’s imagination and empathy for others, achieve better in school, and it’s a great way to spend time together. And best of all, reading aloud to your child makes memories that will stay with you for a lifetime. That’s what my mother was doing years ago when she took the time to read aloud to me.
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Publisher’s Forum
We need housing supply, not subsidies
By Lawrence Amaturo
W hile folks are struggling economically across the country, California’s specific problems bring America’s attention to our doorstep. it’s no stretch to say that Astronomical pricing and subsequent price increases of single-family homes
other words, 10 times more of California’s lower income residents were turned down than those accepted. How many of these applicants legally live, work and raise their families in the North Bay? Over 18,000 citizens applied and only 1,700 were randomly selected before the money dried up. When your state is “#1” in both budget deficit ($68 billion) and average home price (up 11.2% in the last year to
Adding stock can help alleviate the housing crisis.
throughout the state keep a dynamic of the American “dream” as it was never intended: merely a dream. Our homeownership rate is among the lowest in the country—just over 56%—and it hasn’t moved much in the last 40 years! Fewer than half of 48-year-olds pay a mortgage; thousands of dollars in after-tax income goes toward rent every single month. Heralding the “We’re #1” moniker isn’t always a good thing; and in this respect our state has the highest percentage of renters in the country. Without home equity, most Californians will always struggle. Wealth preservation for our retirement or the comfort of our children is destroyed when one must keep renting rather than owning a home. With skyrocketing home valuations, high interest rates and low supply of single-family homes, a near-term resolution is neither viable nor visible. In typical Sacramento big-government style, legislators throw more taxpayer money than good, old-fashioned common sense at the problem. Perhaps the best example of this is found in the state’s home loan program, aimed squarely at our lowest-income residents. It begins with a lofty and worthwhile goal: helping those less fortunate achieve homeownership. I applaud the sentiment and guess that you do, too. Our Democratic majority in the California State Assembly crafted a $150,000 home loan program funded with taxpayer money. Introduced this year by Assemblyman Joaquin Arambula (D-Fresno), AB 1840 would have created a lottery offering zero-interest loans to first-time homebuyers, regardless of residency status. A prior bill establishing the program did not specifically allow for applications from undocumented residents; still, the program was overwhelmed with qualifying candidates, oversubscribed by more than 10-times the available monies, and “sold out” in 11 days. In
$904,210), something has to give. Or at least you’d think so. Assemblyman Arambula, however, wasn’t one of them. He authored AB 1840 to allow for expansion of the program to undocumented residents of California. In other words, expansion of a program that already failed to the majority of those it purported to benefit. And I suppose you can guess what happens to real estate prices when two candidates, each fueled with $150,000 of free, zero interest money, bid on the same home. The selling price of that home automatically rises, of course, and the cycle of unaffordability makes another turn in the wrong direction. (On Sept. 6, Gov. Gavin Newsom vetoed AB 1840.) Put simply, I’m a believer that we can best help others once we’ve helped ourselves first. Undo buying pressure funded by government subsidies fuels higher prices, not lower. Relieving demand through the construction of more supply is, and always will be, the better solution. The alternative further distinguishes the “haves” from the “have nots,” and nothing is worse for our nation’s well-being and harmony. If Sacramento’s leadership will unchain our private industry, foster growth and champion risk takers who want to build more homes, we have that solution toward the American Dream… and California Dreamin’! I’d love to hear your point of view on this critical issue.
Publisher
September 2024
NorthBaybiz 11
Michelin’s North Bay food ‘stars’ The 2024 California Michelin Guide awardees were announced last month—with Sonoma and Napa restaurants maintaining several “stars,” but none receiving new stars this year. Michelin’s renowned restaurant ratings are considered among the most prestigious in the industry. The Guide awards up to three Michelin stars for excellence to a select few restaurants in certain geographic areas. Only two notable changes this year: Barndiva in Healdsburg lost its star after shifting gears from fine dining to a more casual café. Meanwhile, its fellow Healdsburg restaurant Molti Amici was given Bib Gourmand status, which acknowledges impressive food at a reasonable price. Here is a list of the North Bay restaurants that made the coveted Michelin-star cut: n 3 stars: SingleThread (Healdsburg) n 1 star: Auberge du Soleil (Rutherford); Auro (Calistoga); Cyrus (Geyserville); Kenzo (Napa); Press (St. Helena)— RP The 707
Molti Amici
Why would the City of Sebastopol loan itself $1.1 million—and then charge residents 2.99% interest on the loan? That was the burning question west-county residents were asking this summer following a Sebastopol City Council meeting that saw city leaders approve a $14.3 million budget for the 2024-25 fiscal year. City of Sebastopol makes loan to self; mulls charging residents interest
The loan—whose funds are coming from the city general fund into the city’s wastewater fund—has taken place incrementally since last November and was implemented to fiscally float the city’s cash- strapped sewer department until revenues from a recently approved water- and sewer-rate hike kick in. In June, the council approved a 37% rate water/sewer increase this year, followed by 3.5 to 4% increases the following four years. Customers will pay an estimated $43 per month more the first year alone, according to city projections. The interest on the loan was baked into the new rate beginning in 2025, city officials said. However, faced with negative community feedback, the city council this week unanimously voted to drop the plan to charge water/sewer ratepayers any interest. Loans from one city fund to another are common in municipalities struggling to cover their books, and interest on such loans aren’t unprecedented.
Sebastopol City Hall
Still, the subject of the loan and its interest has been riddled with miscommunication between the council and city staff throughout the process. Council members only seem to have become aware of the months-long transfer of monies between the two funds in March, after staff produced a backlog of late budget reports dating back to November 2023, when the city first began transferring hundreds of thousands of dollars per month from the general fund to the wastewater fund. While getting council approval for such transfers is advised, it is not legally required, Sebastopol City Attorney Larry McLaughlin wrote in an earlier email to City Manager Don Schwartz, which was obtained by the Santa Rosa Press Democrat . And since March, while city officials held several meetings about the new rate structure when the interest rate on the loan was brought up, council members seemed entirely unaware interest would be covered by rate payers. Councilmember Sandra Maurer conceded Tuesday that the charging of the interest “escaped [her]” and described it as “quite an insult.” The confusion and consternation over the new water/sewer rates and the intra-fund loan come at a less-than-ideal time for Sebastopol, as city officials are also asking voters to approve a half-cent sales tax increase on the Nov. 5 ballot in order to close a $669,000 budget gap. — JW
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September 2024
The venerable Santa Rosa shopping plaza this summer announced plans for several enhancements to the open-air retail center at 911 Village Court—including renovation of its courtyard space, the installation of a covered passageway bridging its north and south ends, as well as the addition of multiple new tenants. Joining longtime anchor tenants like Copperfield’s books and Sonoma Outfitters in 2025 are Bluemercury, a luxury beauty retailer, Face Foundrie, a facial bar, and Mendocino Farms, a fast-casual restaurant chain serving sandwiches and salads. Montgomery Village is looking 75 years young these days
Montgomery Village, which opened in 1950, remains among the city’s primary shopping destinations. In addition to the openings announced for 2025, the mall’s 280,000 square feet of retail space has in the past two years also added Amour Vert, Mandarin Kitchen, Gorjana, Real Aesthetic Medicine & Skincare Science, Cupcake, an expanded Lululemon, Rust Boutique, Warby Parker, Shake Shack, Paper Source and Punch Clothing. “The Village is leveraging its recent momentum to continue its efforts to refresh the property and bring desired retailers and restaurants to the destination,” mall officials said in an announcement of the enhancements. The Passage has already opened, while the new courtyard is expected to be completed later this year. Kris Miller, general manager at Montgomery Village, described the renovations as “revitalized community gathering spaces.” “Our goal is to create a go-to space for the community to gather, socialize and relax, so it’s been really inspiring to engage with our guests and learn about what they want Rendering of the planned renovations at Montgomery Village.
most so that we can implement that into the development,” Miller said in the announcement. Here’s how Montgomery Village described the property enhancements in the release:
n The Courtyard Renovation: Situated in the heart of Montgomery Village, The Courtyard serves as a community hub. Updates to The Courtyard revolve around a desire to create a refreshed space for people to gather. It features numerous seating options, a children’s play area, and a doggie relief area in addition to hardscape and landscape improvements. The Courtyard is home to popular events hosted by Montgomery Village, including the Fete De La Musique, Wellness Weekend, and Weekend Santa Sightings. n The Passage Installation: Montgomery Village recently opened The Passage, a thoughtfully designed covered passageway that seamlessly connects the property’s north and south ends. The Passage increases accessibility while providing more public space and additional storefronts. For more information, visit montgomeryvillageca.com . — JW
The pint-sized-tennis sport—or is it giant pingpong?—has been gaining popularity since before the pandemic, growing from little-known activity in high school PE classes to a senior-community phenomenon to now being a mainstream recreational activity for all ages. Now, it’s coming to a vacant theater near you. The building that houses the former Reading Cinemas at 555 Rohnert Park Expressway was approved last week by the Rohnert Park Planning Commission as the future site for a membership-driven pickleball complex. The theater ceased operations last November; the unused space comprises 74,000 square feet of the building. Project partners Richard Coombs, Jack Weaver and Bill Carson plan to offer 17 indoor pickleball courts, pingpong tables, cornhole toss, a 2,000-square-foot gym, saunas and locker rooms. Estimates on the project costs, or membership dues, have not been determined. Pickleball was invented in 1965 when Washington state residents Joel Pritchard, Barney McCallum and Bill Bell devised a new game their families could play using a lowered badminton net, table tennis paddles and a Wiffle ball. A 2023 report by the Sports and Fitness Industry Association (SFIA) showed that 8.9 million people played pickleball as of 2022 and had grown 87.5% year over year.— JW Pickleball is bouncing into Rohnert Park in a big way
Illustration of the proposed pickleball arena.
September 2024
NorthBaybiz 13
The 415 Marin ag production dropst like an egg M arin County’s agricultural industry struggled to reap rewards in 2023, as the total gross value of all agricultural production dipped 9% to $85.3 million—a decline
which reflects ongoing impacts of climate variability and market fluctuations, according to a newly released report. The latest figures were highlighted in the 2023 Marin County Crop & Livestock Report, and presented to the county Board of Supervisors on Aug. 20 by staff from the Department of Agriculture / Weights & Measures. Despite the overall decrease in ag production, poultry emerged as the
county’s leading commodity for the first time in years, valued at $24.6 million—a 5% increase from the previous year. “The increase
was driven by a national egg shortage tied to avian influenza, which pushed local prices higher,” according to a press release from the County of Marin. Organic milk, typically the most stable of Marin’s agricultural economy, saw its value drop sharply by 32% to $21.9 million, according to the report. While the number of organic dairies remained steady, production decreased by 25%, accompanied by a decline in prices. Joe Deviney, agricultural commissioner of Marin, said the price of cattle last year was the highest in recent memory. “With three years of drought in a row, and elevated feed prices, ranchers needed to reduce their herd size,” Deviney said in the release. “The smaller inventory in the west produced an elevated price, but it was a very needed change for them. Local dairies continue to face numerous challenges, and I’m hopeful they will survive through the uncertainties ahead.” Cattle, which the report ranked third in value, experienced a slight decline of 1%, totaling $14.8 million. In a positive trend, pasture value increased by 19% to $8.8 million—it was “bolstered by favorable winter precipitation that helped rejuvenate grazing lands after years of drought,” the release said. Aquaculture also saw a modest 2% increase, bringing its value to $6.1 million, while fruits and vegetables fell 7% to $3.2 million, primarily due to reduced harvested acreage. Sheep values took a notable hit, decreasing by 25% to $2.2 million. In a county not known for its wine industry—at last compared to neighboring Napa and Sonoma counties—Marin saw a resurgence in the value of wine grapes, which climbed 11% to $919,000 despite fewer harvested acres, thanks to an increase in the value per ton. The report also marked the end of a three-year drought, thanks to substantial winter precipitation in 2023. The full 2023 Marin County Crop & Livestock Report, along with previous reports, is available at marincounty.org.— JW The total value of Marin County organic milk production dropped 32% in 2023.
14 NorthBaybiz
September 2024
Opioid Crisis: Nalaxone vending machines installed
Was Dominican U. duped by developer? D
September 2024
NorthBaybiz 15
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16 NorthBaybiz
September 2024
WORK LIFE
Retirement Hiring Basketball Layoffs
September 2024
NorthBaybiz 17
Work Life Retirement
T he pathway to California’s golden years just might be across the Golden Gate. That’s what finance website SmartAsset found when it released a new report this summer naming Marin County as the best place in California for retirement. With its reputation for hot-tubbing, healthy living and outdoors opportunities, it should come as little surprise the progressive enclave finished with high placement on the list. Rounding out the top five best counties for retirement are: San Luis Obispo, Placer, Tuolumne and Nevada County. Sonoma and Napa counties barely missed the Top 10, finishing 11th and 12th, respectively. In compiling its rankings, SmartAsset gathered data on three regional factors that are known to determine quality of life for retirees—health care, social opportunities and tax friendliness. Marin, with a population composed of 22.3% retirees, topped the Top 10 list of most recreation centers per 1,000 residents (1.12), tied for second in most medical centers per 1,000 (2.04) and finished third for most retirement communities per 1,000 (0.16). On the other hand, Marin came up short with its tax burden, landing last among the Top 10 at 16.4% (the average is 16.1%). For its tax rankings, SmartAsset looked at two types of taxes: income and sales. “We calculated effective rates based on a retiree earning $35,000 annually (from retirement savings, Social Security and part-time employment),” the site says. “We subtracted income taxes paid from the gross income to determine disposable income.” Meanwhile, sales taxes paid were calculated based on the disposable income being spent on taxable goods. Sonoma County, whose population is 19.6% seniors, has a Marin a retirement mecca, according to financial website By Jason Walsh
More than 22% of Marin residents are retirees.
16.8% overall tax burden. Napa’s
19.2% seniors face a 16% burden from the taxman. The final list was based on the average ranking for each area, and SmartAsset weighted the three factors equally. The areas with the highest average ranking were determined to be the best places to retire. Top 10 Counties to Retire To 1. Marin 2. San Luis Obispo 3. Placer 4. Tuolumne
5. Nevada 6. Shasta 7. Amador 8. Orange 9. Ventura 10. El Dorado
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September 2024
Work Life Hiring
20 Seconds and Counting: Capture the attention of job seekers with a great post!
By Jason Walsh
A job seeker scanning online postings will only spend an average of 20 seconds browsing a job ad before deciding to pursue or move on. “With a limited supply of experienced candidates looking for work, these 20 seconds have never been more important,” according to hiring-strategies website Resume Library. Which doesn’t give a lot of time to get across a lot of important info about the role and why your company is such a great place to work. In Resume Library’s Ultimate Job Posting Guide, the company presents the results of a March 2024 survey of job candidates—the results of which stress a few important components to a successful job posting. First, approach the content from the perspective of the job hunter—they’re looking for five things, in order of importance: salary, location, working hours, job title and benefits. Salary and location are the most important, the guide says. Without salary or location, the hiring company will lose about 20% of the applications it would otherwise have received. It’s also vital to include a useful,
of overhyped Craigslist-style job headings like “Exciting Opportunity for Sales Superstar!” and “Are You Our Next Digital Overlord?!” are over—job seekers frame their searches using real job titles like “administrative assistant” and “technical writer.” Put simple: Don’t get cute. Keep the job descriptions short and snappy. Two-hundred words or less, use bullet points and subheads to break up the info. Stick to the hits: A brief introduction to the company; an overview of the role and responsibilities; key requirements, such as qualifications and skills; perks and benefits. And keep the company description brief; candidates are more interested in what they’ll be doing than reading a load of boasting about how great the company is. Make applying easy. If it’s more than simply emailing a manager a CV and cover letter, make the application process as little time consuming as possible. If there’s an application form, ensure it can be completed in 15 minutes. And make the application cell-phone friendly; 62% of applicants are doing so by phone.
Top 10 most searched-for jobs in 2023 1. Mechatronic Engineer 2. Robotic Engineer 3. Robotic Integrator 4. Robotic Technician 5. Greeter 6. IT Manager 7. Doctor 8. Cashier 9. Registered Nurse 10. Automation Engineer Robotic
Source: Resume Library
simple job title. Keep it short, 20 characters or less. The days
September 2024
NorthBaybiz 19
Work Life Wine
She Shoots, She Pours! Kendall-Jackson brings game to NBA, WNBA
By Rosie Padilla
J ackson Family Wines, headquartered in Santa Rosa, has partnered with the National Basketball Association (NBA) and Women’s National Basketball Association (WNBA) to further the growing appreciation for wine in basketball. Kendall-Jackson will be the official wine of the NBA while its sister wine, La Crema, will be the official wine of the WNBA. It all began back in 2020 when the NBA had to switch gears due to the pandemic and finish up the season in Bay Lake, Florida where teams played in a closed-door, bio-secure “bubble” at Walt Disney World. The 2020 NBA Bubble made headlines for its innovative solution to the looming presence of COVID-19. A story that didn’t grab as much attention was the dissatisfaction NBA players felt about the wine selection in their temporary home. Kendall-Jackson winery caught wind of this and decided to send over 50 cases of assorted wines to Orlando. Each case of wine included special QR codes that led to videos of master sommeliers explaining each wine and what kinds of foods they pair best with. Flashing forward to 2024, Kendall- Jackson has cultivated a unique partnership with the NBA and WNBA to bring these players and their fans more of what they love…wine! Jackson spokesperson Chris Jackson asserts that an official partnership never crossed their minds when it came to the initial gesture. Hailey Jackson Hartford Murray, a third- generation Jackson and a co-proprietor
Creative collaborations in the world of sports Partnerships: NHL and Green Day l In 2019, the National Hockey League announced a two-year promotional and marketing partnership with five-time Grammy Award-winning band Green Day. The partnership entailed performances, appearances and other collaborations. Detroit Lions and ‘Animal Crossing’ video game l Back in 2020, with the release of Animal Crossing: New Horizons, the Lions used the game set among anthropomorphic animals to announce their schedule for the upcoming NFL season. In a video released by the team, viewers observed playful animations used to poke fun at the Lions’ competitors. Endorsements: Troy Polamalu and Head & Shoulders l In 2012 NFL Hall of Famer Troy Polamalu, who played safety 12 years for the Pittsburgh Steelers, utilized his luscious locks and teamed up with Head & Shoulders. Together, the eight- time Pro Bowler and the venerable shampoo brand combined their talents to combat dandruff. Patrick Ewing + Snickers = Patrick Chewing l In 2009, NBA Hall of Famer and current college basketball coach at Georgetown, Patrick Ewing, teamed up with snickers and became... Patrick Chewing. (“Get dunked on by Patrick Chewing!” urged the ad campaign.)— RP
at La Crema, answered the burning question—why wine and basketball? She describes a growing interest in wine with iconic players like Lebron James and Sue Bird who have been open about their love of wine. In fact, more and more basketball pros are establishing wine brands of their own: James Harden (J Harden), CJ McCollum (McCollum Heritage 91), Tony Parker (Château La Mascaronne), Dwyane Wade (Wade Cellars), Yao Ming (Yao Family Wines), Channing Frye (Chosen Family Wines), to name a few. “Wine is often associated with leisure and relaxation, less with high-energy and excitement, so this partnership with the NBA and WNBA gives us the opportunity to bridge that gap getting our wines in those spaces and finding new ways for consumers to connect with the game and with each other,” says Murray. What can consumers expect from this team up? According to Chris Jackson, son of founders Barbara Banke and the late Jess Jackson, local consumers can look forward to carefully curated tastings and food-and-wine pairings at both Kendall- Jackson and La Crema. The affiliation doesn’t just stop at the NBA, Kendall- Jackson and La Crema are the official wine partners of USA Basketball as well. “We will continue some Olympic- themed integrations into our tasting room experiences and host signature events in Las Vegas in celebration of Team USA Basketball’s 50th anniversary,” says Chris Jackson.
20 NorthBaybiz
September 2024
Astronomy compels the soul to look upward
ROBERT FERGUSON OBSERVATORY Sugarloaf Ridge State Park RFO.org
September 2024
NorthBaybiz 21
Work
Life
Layoffs
Bottom Line? Most company’s performance- based terminations disguised as ‘layoffs’
I t’s not you it’s me, goes the old breakup line intended to avoid hard truths. Well, the business world has its version, as well. According to a recent survey from ResumeBuilder.com , half of all participating companies admitted that at least 75% of their “layoffs” were not primarily for cutting costs. Additionally, 80% said their company chose to lay off an employee when they would also have been justified in firing them. The reasons companies disguised terminations as layoffs included maintaining company morale (62%), avoiding wrongful termination claims (59%) and providing severance (54%). Additionally, 38% cited the desire to avoid hurting the employee’s feelings. The survey goal was to examine motivations behind layoffs, and data analysts collected responses from 600 business leaders involved in decisions to terminate employees at companies that had layoffs in the past year, the career-advice website said. Business leaders responding in the survey said the reasons for actually wanting to fire these employees were poor performance (78%), violation of company policies (46%) and attendance issues (45%). ResumeBuilder’s Chief Career Advisor Stacie Haller described it as a “concerning scenario” when performance-based By Jason Walsh
Half of companies aren’t forthright about terminations.
job seekers as they navigate their careers,” Haller said. The survey also showed that performance-based terminations were disguised as layoffs with great frequency. Of business leaders surveyed, 31% indicated that performance always influences their layoff decisions, while 51% said it often does. To view the complete report, visit resumebuilder.com/half- of-companies-say-at-least-75-of-their-layoffs-in-the-past-year- werent-necessary-for-cutting-costs/.
terminations are masked as layoffs. “Understanding the true reasons behind these decisions is crucial for both employees and
22 NorthBaybiz
September 2024
A look at the key figures shaping life in the North Bay The Month In Numbers
$20 billion : Amount of Regional Measure 4, a state affordable housing bond, which was pulled from Nov. 5 ballot due to poor polling. Source: Bay Area Housing Finance Authority.
15 Number of years out of last 25 California has been in state of drought. Source: US Drought Monitor. 3 Length in years of most recent drought, which officially ended thanks to a rainy 2023-24. Source: County of Marin
$1.37 billion: Amount of funding Napa, Sonoma and Marin counties would have proportioned had Regional Measure 4 passed. Source: Metropolitan Transportation Commission.
975 Number or residents whose St. Helena last May. Source: City of St. Helena.
17
Number of pickleball courts proposed for new arena at 555 Rohnert Park Expressway. Source: City of Rohnert Park..
personal info was breached in a ransomware attack on the City of
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5,196 Population of the City of St. Helena. Source: U.S. Census .
Average age of U.S. pickleball player, down by more than 3 years since 2021. Source: Association of Pickleball Players.
$17 billion: Estimated cost to Marin County to adapt to sea-level rise. Source: Marin County civil grand jury.
$34 billion: Estimated cost if Marin County does not adapt.
12 inches : Estimated sea-level rise of San Francisco Bay by 2050. Source: NOAA.
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The Wealth Whisperers
These Marin money consultants are ‘taking care of the human side’ of extreme wealth T here’s one thing most people wish they had more of, tend to have the most intense fights over with their romantic partner, and have a hard time talking about in general—money. your own hard-earned blood, sweat and tears. There’s a belief that having more money would solve most if not all of one’s problems, bring huge happiness, and end or at least lessen the financial arguments people have. By Vicki Larson
Valley, who co-founded Graddha, all of whom work with people whose massive wealth presents opportunities and challenges. There are plenty of experts who can advise the wealthy on things such as investments and philanthropy. But people like DiFuria, Goldbart and the Jansens help people deal with the psychological realities of massive wealth. “People have emotional reactions to money,” says DiFuria.
That couldn’t be farther from the truth, say Joan DiFuria and Stephen Goldbart, business partners in the Money, Meaning and Choices Institute based in Kentfield, and husband-and-wife Marlis and Kjartan Jansen, of Mill
So, imagine suddenly finding yourself having a huge amount of wealth, more than you ever could have imagined, either from an inheritance, or from winning the lottery or gambling, or from
When Kjartan and Marlis Jansen, shown here on the Tiburon waterfront, coined the term ‘sudden wealth syndrome,’ the concept was met with laughter. [Photo by Sierra Jansen]
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There aren’t too many people who do what they do, especially in the North Bay, despite the Bay Area being home to numerous millionaires and billionaires. But the field of what the Jansens call “wealth dynamic coaching” and DiFuria and Goldbart call “family wealth consulting” is growing, thanks in part to the vast amount of financial wealth millennials and Gen Xers expect to inherit from their boomer parents as well as the number of millionaires and billionaires who earned their money through technology and startups. In fact, the number of wealthy individuals globally is expected to rise by 28.1% by 2028, according to the Wealth Report , published by Knight Frank, a London global property consultant. The 2023 Global Wealth Report , published by USB, a multinational investment bank and financial services company based in Switzerland, projects that the number of millionaires will reach 86 million by 2028 and the number of ultra-high-net-worth individuals (UHNWIs), people with a net worth of at least $30
million, will rise to 372,000 across the globe. DiFuria, Goldbart and the Jansens got into the business for different reasons, but all agree there’s a huge and growing need for what they do. “Talking about sex and money are taboo. Sex today is less taboo to talk about than money,” says DiFuria. “Many people go to a therapist and hear, ‘You have money, what’s the problem?’ So, they really need people who understand it more fully. People don’t know where to go or who to talk about it with because it can be embarrassing, it can be shameful.” There isn’t much sympathy for wealthy people, they admit. Yet, all people have problems. “It’s that ‘cry me a river’ reflex,” says Kjartan Jansen. “They can’t imagine that you can’t buy your way out of all the problems they might have. And that’s just not true. Most of the big challenges we have are non-monetary, especially on the relational side.” It was the dot-com boom that led DiFuria, a psychotherapist with a background in international business, and Goldbart, a psychologist, to found the Money, Meaning and Choices Institute. “When I started my private practice after I ended my business career, my colleagues were sending me and Stephen referrals, these men and women who were in the New York Times and the Wall Street Journal , because they felt intimidated,” she says. “These people were young, with more money than they ever expected at such a young age, and they weren’t sure if they wanted to keep working but they were still productive and they weren’t sure what they wanted to do.” So DiFuria and Goldbart would ask them, what are your values, what’s meaningful to you, what would you like to do? “They were so struck by the questions that Stephen and I realized there’s something going on here that we need to pay attention to,” she says. Sudden Wealth Syndrome What was going on was what they call “sudden wealth syndrome”—the guilt, confusion, anxiety, and other emotions
A sudden inheritance or landing one’s first high-salary job can lead to family troubles, self-destructive behaviors or financial mismanagement.
that come with new or sudden wealth that sometimes can lead to family fractures, self-destructive behaviors and mismanaged money. Just think of how many professional athletes with multi- million-dollar contracts end up broke when they retire or are forced to end their careers due to injuries. Inspired by the work of James (Jay) E. Hughes, Jr., a now- retired estate attorney who is perhaps the most well-known and most-published person addressing the human side of wealth and the founder of the James E. Hughes, Jr. Foundation, they started their institute in the late 1990s, when few people recognized the need. “Honestly, we were laughed at when we started. ‘People with wealth actually have problems and you’re going to do that?’” DiFuria says with a laugh. “Now it’s taken very seriously.” She gives some credit to the media for exposing the issue. When the two coined the term “sudden wealth syndrome,” “the media went crazy all over the world,” she says. “People wondered how it could possibly happen that these people who are so rich be depressed, anxious, unaware, unconscious, etc.” But for the wealthy people themselves, having someone who understood what was happening to them felt like a huge relief. “It allowed them to feel that A, it was OK for them to talk about it; B, it was OK to do something about it; and C, have an outlet to do something about it,” she says. The Jansens started Graddha in 2016, prompted in part by Mill Valley native Marlis Jansen’s own experience with multi- generational family wealth. While at first she didn’t know the details of the family office—a structure that’s created to manage all the assets a family owns—and wasn’t too interested in learning about money or investing nor did her family push it upon her, she says she could feel the impact it had on her extended family nonetheless. “I could tell our family relationships were being permanently impacted by the business relationships in the
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they are, are back to being like little kids at the dinner table, being told what to do and not having a voice. Of course, they acknowledge, some children can be challenging. “The combination of a very entitled child or a very troubled child and you have parents where the heartstrings are pulled… if you don’t say no now, it’s only going to get worse. So that’s where the psychology comes in. It isn’t just about the money; it’s the psychological vicissitudes of all the people in the family,” DiFuria says. “It all comes down to parents who set boundaries that are reasonable but enforceable.” Still, high-wealth people raising children in high- wealth areas, as most do, may have to fight community standards. “The question becomes, in your family, what kind of decisions do you want to
family. That was uncomfortable,” she says. She became a psychotherapist and certified coach after years in the health-care industry. She knew she wanted to work at the intersection of wealth and psychology when she was getting her second master’s degree and her psychology professors knew little to nothing about the impact of money on people’s mental health despite money being a huge stressor, according to studies by the American Psychological Association over the years. Regardless of what brought them to the field, their work is similar—helping people figure out what are the issues that keep them up at night, what concerns they have about transferring their wealth, and identifying their values. Once they get a sense of their clients and what they want to have happen with their wealth, they develop a plan to help them get there. That can happen relatively quickly for some, over a matter of months, while others may require decades. Adult children may be hesitant to bring up money with their parents because they don’t want to seem greedy. So DiFuria, Goldbart and the Jansens bring them into family meetings so everyone gets to be heard and understood. Overwhelmingly, the parents they work with want to raise children who are grounded, not spoiled. "The most common reason they come to us is their concern for the next generation,” Goldbart says. The only way for parents to at least attempt to avoid things going awry is to be strategic, they say, and to start that process earlier than later. “Trust funds can breed entitlement, period,” DiFuria says. “If you just set up a trust fund for a kid with no governance, no values, no operating principals, you breed entitlement.” And without a facilitator to help guide the conversations, they say, it can end up feeling like the children, no matter how old
Joan DiFuria
Stephen Goldbart
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make as a family in order to ensure money is a resource, it’s an ally, not an enemy of your kids’ development?” Goldbart says. “One has to take a very proactive stance. It may be counter to the culture of your community. Your kids may be surrounded by kids who get Teslas and Jags without having to do anything. That may be true throughout their life. The question is, what are you going to do?” Something they all recognize, however, is that sometimes uber-wealthy parents aren’t all that present in their children’s lives. “They just throw money at them,” Goldbart says. “The impact of wealth on identity development has a lot to do with age, maturation and the degree to which that individual was an active participant in the creation of that wealth,” Goldbart says. “It has less impact on a 65-year-old who spent 30 years building a business and has raised kids than a
25-year-old who signed up with some startup and two years later has money. Or at a further extreme, a lottery winner who has done nothing. The less you’ve actually done and the less you understand about money, the greater the impact is going to have on you and more likely to suffer from what we call ‘sudden wealth syndrome.’” No longer a laughing matter All four have seen changes in their field since they started. “What we do has been accepted in the world whereas it was largely laughed at in the late ’90s when we started,” says Goldbart. “That’s a radical shift I would say. I think people understand that money is not an endpoint, and everybody needs a sense of purpose and meaning in their lives and it’s going to have an impact on how you manage it.” Despite that, many still have judgment
about the work they do, says Kjartan Jansen, who has worked two decades in finance, including technology consulting, equity research and venture capital. “This is a triggering subject to people. It’s not acceptable to work with people who have a lot of money. We should just ‘eat the rich.’” They’ve also seen a rise of family offices in the past decade. According to research from Preqin, a London-based investment data company, the number of family offices hit 4,500 worldwide in 2023, with 1,682 in North America alone, managing some $6 trillion or more. They’ve also observed that many wealthy clients have been hiring wealth learning officers to educate family members and to think about the future of the “family enterprise,” which can be defined in several ways but generally includes members of a family who are involved in a family business or businesses and are committed to seeing it continue, flourish and be sustainable across generations. Another huge change they have experienced is that there are more wealth creators and inheritors who are women. Regardless how they got their money, women often have a harder time than men do, they say, especially if they have more wealth than their male romantic partner. One woman wealth creator DiFuria and Goldbart worked with told them she’s given up trying to find a boyfriend—her wealth gets in the way. Women inheritors who don’t have a career often have a huge sense of guilt about their money and can fall into long- ingrained gendered roles, DiFuria and Goldbart say. They work to help women feel comfortable and entitled to their money, no matter how they got it, and also to have a voice. “There’s a sense of, ‘Am I entitled
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