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Byline: KATHERINE DAVIS, CARA EISENPRESS, NICK MANES, ALLY MAROTTI, JEREMY NOBILE, JOHN PLETZ And MARK SANCHEZ It's a painful memory: In 2009 the banking crisis and housing recession led to [...]

Sequoia Financial Group, based in Akron, Ohio, has announced its acquisition of Carlson Capital Management in Northfield, Minnesota, marking its first transaction of 2025. The deal, expected to be completed on March 31, will add to Sequoia's assets under management (AUM) and expand its presence in the Minneapolis-St. Paul area. Carlson's co-founders will join Sequoia as senior strategic advisers, emphasizing a shared commitment to enhancing client value and wealth management services. This acquisition follows Sequoia's previous expansion efforts, positioning the firm as a significant player in the wealth management industry. [Extracted from the article]

The article discusses a proposed law in Ohio, Senate Bill 23, which aims to exempt smaller breweries and wineries from franchise laws. These laws govern the relationships between alcohol manufacturers and distributors, making it difficult for suppliers to terminate contracts. Craft brewers argue that these laws are outdated and hinder their ability to grow and innovate, while wholesalers believe they support consumer choice. The debate highlights the need for reform in the alcohol distribution industry in Ohio. [Extracted from the article]

Meaden & Moore, a Cleveland-based accounting and advisory business, has appointed Jim Rollins as its new CEO, succeeding longtime CEO Jim Carulas after 17 years. Carulas will transition into a senior partner role to support the leadership team during the transition. Rollins, a company veteran since 1989, aims to continue the firm's growth and success, focusing on client relationships, staff development, and organic growth rather than acquisitions. The firm, founded in 1919, has expanded to 15 offices across the U.S. and U.K., with approximately 250 employees. [Extracted from the article]

Chris Gorman, Chairman and CEO of KeyCorp, played a significant role in the company's growth and strategic moves in 2024, positioning it for an interesting 2025. Despite facing challenges in profitability due to interest rate changes, KeyCorp saw improvements in income, particularly in its wealth management business. A major highlight was the $2.8 billion equity deal with The Bank of Nova Scotia, solidifying Key's position and sparking speculation about potential future acquisitions. Gorman emphasized KeyCorp's independence and readiness to utilize its enhanced capital for strategic investments or potential bank deals in the future. [Extracted from the article]

Jerry Grisko, CEO of CBiz Inc., played a pivotal role in the company's acquisition of New York-based accounting firm Marcum in a $2.3 billion deal, marking the largest transaction in CBIZ's history. This acquisition propelled CBIZ to become the seventh-largest accounting firm in the U.S., with over $3 billion in annual revenue, 10,000 employees, and 135,000 clients. Industry experts view this deal as groundbreaking and anticipate it will influence future mergers and acquisitions in the accounting profession, potentially attracting outside investors like private equity firms and sovereign wealth funds. [Extracted from the article]

Joann Inc. is facing its second bankruptcy, with the future of the craft and fabrics retailer uncertain. After a failed reorganization in 2024, the company's chances of emerging unchanged are slim. Joann's history of debt, exacerbated by inventory challenges and a sluggish retail economy, has led to its current financial struggles. A potential sale to Boston-based Gordon Brothers could result in a new owner and a different future for Joann, possibly including liquidation or a revived brand under new ownership. [Extracted from the article]

The restaurant sector in Cleveland faced challenges in 2024, with a slow holiday season and unpredictable sales trends throughout the year. Factors such as inflation, increased food prices, and rising operating costs have made it difficult for many independent restaurants to stay profitable. Despite these challenges, some operators are adapting by controlling costs, catering to changing consumer preferences, and focusing on building strong brands to survive in this new era of the restaurant industry. [Extracted from the article]

Joann Inc. has experienced another high-profile departure with the exit of Chris DiTullio, the former executive vice president and chief customer officer. This departure is part of a series of executive changes at the embattled retailer, which is reportedly considering a second bankruptcy. The company has been struggling with weak sales and debt since a leveraged buyout in 2010, and recent executive departures have raised concerns about its strategic direction and stability. Despite efforts to create stability after a previous bankruptcy, Joann's future remains uncertain as it faces challenges in the retail market. [Extracted from the article]

Hyland, a software company based in Westlake, Ohio, has been adjusting its workforce to focus more on cloud and AI-powered services rather than software development. The company recently laid off about 20 positions, which represents about one-half percent of its global workforce of roughly 3,600 employees. These adjustments are part of a larger shift that began in 2023, when the company reduced about 1,000 positions in response to changing economic conditions and a pivot to cloud services. The company's new CEO, Jitesh Ghai, who took over from Bill Priemer in 2024, is expected to lead Hyland through its continued evolution in the technology industry. [Extracted from the article]

After nearly two decades in business, Matt Fish announced the closure of Melt Bar & Grilled due to a challenging economy, shifting consumer habits, and mounting debt. The once-popular restaurant, known for its flagship Lakewood location, struggled to maintain robust sales amid increased competition and the impact of the COVID-19 pandemic. Despite the closure, Fish reflects on the positive impact Melt had on the community and remains hopeful for future endeavors in the restaurant industry or beyond. [Extracted from the article]

JumpStart Inc. has appointed José Vasquéz as its new board chair, along with six other new board members, as part of its organizational restructuring. Vasquéz, founder of Quéz Media, is recognized for his innovative use of technology to drive business growth. The organization's previous chair, Jeanne Coughlin, oversaw significant growth and transformation during her tenure. The new leadership aims to continue evolving and serving the community through entrepreneurship and inclusion, with a focus on creating opportunities for innovation and wealth generation. [Extracted from the article]

A lawsuit against Canton-based Society Brands, brought by the owner of Primal Life Organics, accusing the business and its owners of fraud, was dismissed by a Stark County Court judge. The founder of Primal Life Organics alleged that Society Brands did not provide the expected support post-acquisition, leading to damages exceeding $15 million. The judge ruled that the defendants did not breach their fiduciary duty or the terms of the agreements, and the plaintiffs were not tricked into signing anything. Both parties plan to appeal the ruling, with Society Brands emphasizing their commitment to honesty and ethical dealings with brand founders. [Extracted from the article]