The IBJ Podcast

Hotly anticipated eatery Borage debuted in June. So how’s it going?

The debut of the Speedway eatery Borage in June was one of the hottest local restaurant launches in recent memory, covered by most of the major media outlets in the Indianapolis market—including IBJ. Its co-creators—Josh Kline and Zoe Taylor—had won considerable acclaim as chefs for nationally lauded Milktooth in Fletcher Place. The concept for Borage was unique, combining a restaurant, a bakery and a market in one L-shaped building. And Taylor and Kline wanted to make a point of providing fair compensation for employees, guaranteeing at least $20 an hour.

IBJ’s Dave Lindquist outlined their plans—and the investment from a local real estate developer that made the project possible—in a story that ran on June 7. This edition of the IBJ Podcast follows up on how the business is shaking out after the June 12 grand opening. Zoe Taylor brings us up to date on what she and Kline have learned in the last six weeks about what’s working and what has needed tweaking.

As Taylor readily admits, running the financial side of a restaurant doesn’t come easy to them, so perhaps their biggest challenge has been learning how to budget and make the business sustainable. Borage hasn’t been profitable right out of the gate, and Taylor and Kline realize the timeline for profitability for a small independent restaurant typically stretches many months. For the time being, they're opting not to take salaries. 

The IBJ Podcast is brought to you by Taft.

 

 

Pete the Planner on the impact of interest rate cuts

The Federal Reserve has indicated interest rate cuts are coming after policy makers spent the past two years using higher rates to try to tamp down inflation. IBJ personal finance columnist Peter Dunn, known to many readers as Pete the Planner, talks in this week's podcast about how reduced rates will stoke the economy as businesses and consumers start spending and investing.

Dunn explains why "people make really dumb decisions" when interest rates fall and consumer confidence rises. And he explains what might be a better option.

Dunn also references his "power percentage" calculation, which he has written about in the past. You can read a column about the power percentage here.

 

The IBJ Podcast is brought to you by Taft.

 

Indy to host rare Catholic gathering bringing tens of thousands of visitors

More than 50,000 Catholics from across the United States are set to arrive in Indianapolis this week for the church’s first national gathering in more than 80 years, marking one of the most significant religious events the city has ever hosted. The National Eucharistic Congress, scheduled for Wednesday through Sunday at the Indiana Convention Center and Lucas Oil Stadium, will feature church services, speakers, presentations, religious sacraments, exhibitions, concerts and live podcasts. As mainstream religions continue to lose followers, this event will be laser-focused on one of Christianity’s foundational sacraments—the Eucharist, otherwise known as Holy Communion or the Lord’s Supper. It also will stage one of the most conspicuous outdoor public gatherings in Indianapolis’ recent history, outside of the Speedway: a mile-long procession through downtown that could be attended by as many as 50,000 people.

Our guest this week is Ken Ogorek of the Archdiocese of Indianapolis, who discusses the revival and purpose of the Eucharistic Congress after an 83-year absence. We also hit on the ways this event is different from many of the religion conferences and annual meetings that Indianapolis hosts and how local organizers are providing accommodations for participants with a variety of needs. And we delve into how church leaders will evaluate the impact of the congress once the attendees are gone.

 

 

Artistic director banks on broad vision for fledgling Black theater company

Our guest this week is Ben Rose, a longtime creative force in the Indianapolis arts community who recently was named the inaugural artistic director of the fledgling Indianapolis Black Theatre Co. If you want to think about it as a startup, the theater has a long runway thanks to a campaign that raised $1.5 million dollars. Part of Rose’s job as artistic director will be to establish revenue streams that can maintain momentum once that first round of funding runs out

Rose has several outside-the-box ideas for supporting the company while serving the careers of company members both on and off stage. They’re influenced in part by a varied career that took him to Atlanta and Los Angeles for significant periods of time, as well as his professional experience in several artistic modes, including stage acting, writing, videography, filmmaking and photography. And he has learned to see the world through several lenses due to his unusual upbringing as a mixed-race child from Indianapolis who was adopted by a white family at a very early age and grew up in relatively rural Tipton.

In this week’s episode of the podcast, Rose discusses how he forged a career in the arts through what he calls fortunate, back-door opportunities and developed his vision for how Indianapolis Black Theatre Company can sustain itself while helping its members find work in other venues. He also delves into the group’s first official production which has something to say about taking professional risks in places where you might not have felt welcome in the past. It’s a staged reading of a play about a groundbreaking black woman who became the first professional female baseball player as a member of the Indianapolis Clowns in the previously all-male Negro Leagues.

The IBJ Podcast is brought to you by Taft.

The inside story of WWE’s blockbuster deal for three events in Indy

WWE and the Indiana Sports Corp. announced a first-of-its-kind agreement last week that will bring three of pro wrestling's top events to Lucas Oil Stadium over the next eight years.

The deal means Indianapolis will host "Royal Rumble" on Feb. 1, 2025, and then “WrestleMania" and “SummerSlam” in the years after.

This week on the podcast, we’re giving host Mason King a break and turning the podcast microphone over to IBJ arts reporter Dave Lindquist. His guest is our own Mickey Shuey, who – among other things – covers tourism and the business of sports for IBJ.

He's got the latest on the WWE deal—including the history that led to the impactful agreement.

The IBJ Podcast is brought to you by Taft.

Why does the hospital count in Hamilton County keep growing while other counties lose care?

Over the last four decades, residents of Hamilton County have amassed a wealth of options for hospital care. The county is already home to 11 acute-care and specialty hospitals with a total of nearly 800 beds—while many Indiana counties have no hospitals, or a single facility with less than 50 beds.

Some consumer advocates say the hospital systems are chasing business in the suburbs, where household income is high and residents have generous health insurance packages, while curtailing or closing hospital services in less prosperous, more rural parts of Indiana. Several of the health systems say they are simply following the market and providing health care where the population is growing the fastest. 

The latest entry into the Hamilton County market was announced this month: Community Health Network says it’s planning to open a $335 million campus in Westfield, which would make it Community’s first hospital facility in Hamilton County. As the guest on this week’s edition of the podcast, IBJ health care reporter John Russell is using this opportunity to take stock of the county’s hospital marketplace, what’s behind the boom, and to ask what’s prompting this additional growth.

The IBJ Podcast is brought to you by Taft.

 

Sushi eatery owner expanding in Mass Ave area with new restaurant, refreshed Metro

Earlier this month, the owner of the Mass Ave sushi eatery Forty Five Degrees celebrated the restaurant’s 16^th anniversary. Bill Pritt was told he was crazy in 2008 for trying to create a restaurant at the six-lane intersection of Massachusetts Avenue, College Avenue and St. Clair Street. A smart real estate move during the recession gave him ownership of the retail space on that corner, laying the groundwork for future success.

After a three-year stint as president of the board for the not-for-profit Damien Center, Pritt is rededicating his energy to what he loves most—the hospitality industry. Earlier this year, he purchased a parcel at 555 Delaware St. with a former Regions bank branch that Pritt plans to turn into a casual dining spot called Harrison’s Restaurant. And in May he purchased the building on Mass Ave that houses the Metro Nightclub and Restaurant, as well the business itself. He isn’t planning on changing the longtime institution for gay nightlife as much as he wants to spruce it up and improve operations.

This week on the IBJ Podcast, Pritt discusses his early years in the restaurant business, which including working the drive-thru at a Steak ’n Shake and eventually buying the Blu Martini restaurant and nightclub at the age of 27. He also digs into the origin story of Forty Five Degrees and the real estate acquisition—and yogurt shop—that helped him succeed. And he serves up details from his plans for Harrison’s Restaurant and the Metro.

The IBJ Podcast is brought to you by Taft.

 

Pete the Planner on the best and worst ways to handle a big inheritance

Our subject today is a little touchy, but it requires some discussion due to the effect in can have on your financial future and the quality of your relationships with family members. This episode is all about inheritance, including the best and worst ways you can deal with a life-altering influx of money and/or property.

The bottom line is that the inheritance recipient benefits from someone’s death. And that seems distasteful. Nobody wants to look greedy at the expense of a family member’s life. But because it seems distasteful, we don’t talk about inheritance very much. And because we don’t talk about it, some folks don’t handle it very well.

It helps to start with a little context. According to the Federal Reserve, the average inheritance today is about $46,000, although the vast majority goes to wealthy families and more than two thirds of households receive nothing. It’s also smart to keep in mind that your perception of a potential benefactor’s wealth is probably  wildly off, so making assumptions about future inheritances is a big mistake when doing financial planning.

IBJ personal finance columnist Pete Dunn, aka Pete the Planner, has seen many recipients mishandle and waste inheritances, especially when they view them apart from their long-term financial strategies. In this week’s episode, Pete also shares his thoughts about how much you would need to inherit in order to immediately retire; why putting a big downpayment on a lake house might not be advisable; and why preventing family squabbles should be a key goal in planning to divide your assets.

The IBJ Podcast is brought to you by Taft.

 

Dissecting the ‘Caitlin Clark effect’ and how it can boost the future of the WNBA, Fever and Indy

Usually when we’re talking about economic impact in Indianapolis we’re referring to a multimillion-dollar real estate project or a one-off sports or convention event like GenCon or the Super Bowl. But much of the talk in the last few months has been about a living, breathing basketball star from Iowa who in a very short period of time has changed the financial expectations for women’s basketball, not only for the Indiana Fever but the entire WNBA. Of course, that's Indiana Fever rookie Caitlin Clark, who is bringing thousands of new fans downtown for every Fever home game.

Clark has arrived in the WNBA at an opportune moment. The league is in negotiations for a new media rights deal, which could significantly increase revenue. And after this season, the players union and the league can negotiate a new collective bargaining agreement that could significantly raise compensation. You’ll recall the outrage heard across social media last month when fans learned that due to the WNBA’s collective bargaining agreement Clark’s salary this season would be just a smidge over $76,000—about one-hundredth of what top rookies earn in the NBA.

On this week’s episode of the IBJ Podcast, we have two guests to discuss the short-term and long-term effects of Caitlin Clark’s stardom on the Indiana Fever, the WNBA and Indianapolis. (We should acknowledge that for all of the attention Clark received last year for her otherworldy shooting and her pursuit of the NCAA Division I scoring record, the WNBA already was on an upswing, and there are at least a dozen high-profile rookies in the league this year driving fans to games.) Our guests are Ann Bastianelli, teaching professor in marketing at the Indiana University Kelley School of Business, and Beth Livingston, an associate professor in industrial relations at the University of Iowa’s Tippie College of Business. They dive into all of these issues, as well as whether another poor showing by the Fever this season will take some of the wind out of the sails of the "Caitlin Clark effect."

The IBJ Podcast is brought to you by Taft.

 

Downtown soccer battle update—stadium design, burial sites, Simon family land

Three weeks ago, we released an episode of the IBJ Podcast explaining the sudden, multilayered and high-pitched battle over building a soccer stadium in downtown Indianapolis. Since then, the drama has taken several turns with fresh revelations about what’s underneath the ground set aside for the stadium complex that developer Keystone Group wants to build and who owns the land the city has identified for another site that Mayor Joe Hogsett’s administration has championed. Meanwhile, a proposal for a taxing district that would cover most of the cost for the latter stadium is wending its way to the City-County Council, with a key committee vote coming on May 28. So we thought this would be a great opportunity to bring you up to date.

IBJ’s Mickey Shuey joins the podcast to discuss his piece in the latest issue of IBJ about what an Indy-based stadium for Major League Soccer—America’s highest professional league—could look like. But first some history: In late April, everything that we had assumed about the future of pro soccer in Indianapolis and the creation of a publicly owned downtown stadium for the Indy Eleven soccer team received a swift kick between the stitches. The owner of the Indy Eleven, who also owns the development firm Keystone Group, accused the city of backing out of negotiations to finalize the stadium deal and support financing for a $1.5 billion mixed-use project that the stadium would anchor. Then Mayor Joe Hogsett announced that the city indeed had halted negotiations, claiming in part that the numbers didn’t add up. Indy Eleven and Keystone representatives disagreed. Hogsett also said the city had been working with an undisclosed group of investors who believed they could bring a Major League Soccer franchise to the city.

Since our last podcast, IBJ broke the story that the Simon family, which owns the Indiana Pacers and Indiana Fever, has purchased a large swath of land where the investor group’s stadium would be located. City-County Council President Vop Osili volunteered to sponsor the proposal for financing the stadium after the councilor for that district refused to do so. On May 28, the same day this podcast debuts, the proposal will be considered by the council’s Rules and Public Policy Committee, which Osili chairs, although a vote to deny the proposal won’t stop it from reaching the City-County Council. And in maybe the biggest revelations yet, both the Hogsett administration and Keystone revealed what they know—or have estimated—about the human remains and gravesites that are buried on the 20-acre site Keystone has been trying to develop.

The IBJ Podcast is brought to you by Taft.