All Entries in the "Success Stories" Category

Healthsource RI Enrolls 500th Small Business

Small businesses enrolled in SHOP have access to a total of 20 different health insurance plan options from three insurance carriers–Blue Cross & Blue Shield of Rhode Island, Neighborhood Health Plan of Rhode Island and UnitedHealthcare. SHOP also offers an innovative ‘full employee choice’ option that allows employers to determine a contribution level (also called “defined contribution”). Employees can then choose from any of the 20 plans offered and opt for the level of coverage that works best for them and their families.

Sam Iserson, president of NC3 in Pawtucket, says the full choice model is one of the reasons he joined SHOP. “Using HealthSource RI gives our employees options that they never had before.  It provides them the opportunity to be better educated consumers and really understand the cost and benefit of their healthcare.”

Behind strong 2015 enrollment numbers, including an 89% renewal rate and a 57% growth rate, Rhode Island continues to be a leader of state-based exchanges in enrolling small businesses.

“Growth is strong and we look forward to serving even more small businesses by making it easier to understand and purchase insurance and by providing better choices,” said Director Anya Rader Wallack. “Employers and their brokers like our innovative full choice model, the outstanding customer service provided by our business engagement spets, and the predictability of rates published up to a year in advance. These features don’t exist elsewhere.”

Two years ago, when the federal government and some state-run exchanges decided to delay their small business programs, HealthSource RI remained committed to SHOP. Rhode Island’s small business program opened on schedule in October 2013.

Noted Wallack, “One of the key tenets of HealthSource RI’s mission is to provide value to small businesses, and we are very proud to be helping so many Rhode Island employers and employees purchase healthcare in a way that meets their needs.”

Small employers who are interested in joining SHOP can contact HealthSource RI’s small business team at 1.855.683.6757 or visit the small business section of HealthSourceRI.com.

Building a New Home? Did you receive your estimate as an itemized price list or by the square foot?

With the economy booming (so I hear), pricing on material is changing almost daily (so it feels). I have had this question asked of me about 10 times in the last 2 weeks: “how much will it cost per square foot to build a home”? You will hear quotes from $125.00 per SF to $225.00 per SF.  My answer: what building material are you using, e.g., stick build or truss and what do you envision for your finish esthetics, e.g., chair rails, raised panels, crown moldings, granite? This is when my client says, “well, I would like some of those finishes, but not all of them are needed”.  Okay then, this is where IF YOU HAD an agreement with the contractor at a price per square foot, it gets a little tricky and starts to fall apart.

Once you start removing and adding items it is almost impossible to adjust the square foot price for accuracy. The question now remains: are you actually paying more or less on the square foot for what you are getting. My opinion, price the ACTUAL item, product, and linear footage for accuracy. Have a plan, a physical construction set. Then, if you don’t have a general contractor of choice, price it yourself. Visit at least two local lumberyards for a price on material, and they will give you a labor estimate when asked. Keep in mind though, the labor estimate, if given, may not be the same quality you are looking for, but it is exactly what you need to consider – “labor estimate”.  The reason I believe and know this is the best way to go, is from over 25 years of personal experience.

Think about it, if you have a great room side by side with a formal dining room, both without interior walls, how would one believe the square foot (12”x 12”) estimate method is accurate?  It cannot be.  The best way to maintain your budget and accuracy in estimating is spending the time to price nail by nail and a good general contractor (G.C.) that knows quality, who is affordable and a punctual individual with a knack for maintaining their client’s budget.  Do not get into the big no-no after you sign an agreement with a G.C. and decide on upgrading items and changing the design plan!  This is where the budget wanders off course, does not come back (only climbs higher)and the G.C. can now make up for lost money and time if one so decides in order to keep the job moving along. This warning is usually the one that blows all the budgets – “on-site changes”.  So take it from me; first: take your time in planning, second: invest in what you can afford – not keeping up with the “Jones”, third: monitor and be involved in your construction process.  After all, this is your home.  Happy building and enjoy the summer!

Please consider DiPetrillo Properties for YOUR Home Building – we specialize in ground up construction!

Making a name in Our Backyard

Forbes Magazine’s most recent “30 Under 30” list includes Providence renaissance man Asher Dunn. Just a few years after graduating from RISD in 2008, he founded “DUNN,” which creates everything from coffee tables and dining room sets to stools and bowls.

Forbes says his Providence studio “produces sleek, simple furniture, lighting, bowls and vases that recall mid-20th century modernism.”

“We are fascinated by honest materials and age-old manufacturing techniques. Working with these techniques requires knowledge, patience, and love for the materials we work with,” says Dunn.

Sustainability is a priority. The company has a conscious approach to design and manufacturing that relies on reusing material and minimizing waste. They work with high-quality domestic timber, unique in color and grain, from sustainable forests. Even their new aluminum line of products uses up to 90 percent recycled aluminum.

“We work quite a bit in wood. To us, this material is personal; it lives, feels nice to the touch, and never looks the same. When treated correctly and respecting a material’s strengths and weaknesses, we can create unique and beautiful designs,” Dunn explains.

His firm strives to create timeless pieces influenced by nature with a contemporary twist. The commitment is paying off. In addition to the Forbes nod, Dunn has already received numerous honors including “Best New Designer” at the International Contemporary Furniture Fair and New England Home’s “5 Under 40” accomplished in design and architecture.

The 28-year-old entrepreneur from Michigan is putting down deep roots in Our Backyard. He also founded Keeseh Woodshop, a community workshop that teaches woodworking, and Anchor Providence, an arts and business incubator.

“Everybody at RISD jokes that the campus is a bubble – nothing gets in and nothing gets out. Well, I leaped out a few times and explored the landscape and found that Rhode Island is filled with exciting resources. There is a vibrant design community here that is dedicated to seeing Rhode Island grow. Providence in particular is increasingly making a place for itself on the map,” he says.

“Being located between Boston and New York City makes this an ideal location for designers. We can have clients in both large cities, while living and working in a less expensive city. Not to mention that everything is so close in Rhode Island – our material suppliers and the manufacturers are never more than 30 minutes away.”

Proving Kevin O’Leary Wrong: RI Startup BedJet’s Success Since Appearing on ‘Shark Tank’

Recently, Rhode Islander Mark Aramli made an appearance on ABC’s hit show Shark Tank to offer investors a chance to partner with his company, BedJet.

BedJet is an air-driven climate control machine for your bed. A small motor is used to send hot or cool air under the covers of your bed so that you can sleep at the temperature you find comfortable. If you and your spouse like to sleep at different temperatures, they also offer a Dual Zone system that allows you to set separate temperatures. You can even set the system to blow cool air in the morning to wake you up!

So how did Aramli come up with the idea for BedJet? Aramli said he had been thinking about the idea for over 12 years, and finally decided to act on it when his mother was stuck in bed for a couple of weeks after having surgery. His mother lives in a 100-year-old drafty house, so he said they had difficulty keeping her perfectly comfortable. They tried electric blankets, space heaters, and heating pads, but everything was too hot or too cold or left too many wires in her bed.

At that moment, Aramli said he realized he needed to bring his idea to life, and he certainly had the experience required to set off on the right foot. Aramli had been working in the startup industry for years as a consultant, helping companies create new products and bring their businesses to the marketplace. He also worked on space suit climate control for astronauts as an engineer at NASA, which facilitated the design process of BedJet.

According to Aramli, the hardest part of starting up his company was finding the money to open his company and still support himself. “I had to spend every penny of my life savings, borrow every penny that I could, and still work a full-time job along the way. It was a huge gamble, and if the business failed, I would’ve had a mountain of debt,” said Aramli.

Luckily, many people were willing to help BedJet get its start. Aramli created a Kickstarter campaign and was able to raise almost $60,000 to fund his company. The Kickstarter campaign was also the reason BedJet was offered the chance to appear on Shark Tank. Producers had found the campaign and reached out to Aramli to see if he would be interested in applying to the show. Aramli applied and flew out to California to present his business plan to the investors.

Unfortunately, the investors didn’t make an offer. Aramli says it’s because they didn’t know enough about the industry: “It’s really important to be pitching your product in front of investors who understand your product and market, and it was clear the sharks didn’t understand the mattress or sleep industry.”

Aramli might have walked away from Shark Tank without an investment, but since the show was filmed six months ago, he has proven that he didn’t need one to pave a pathway to success. During the filming of Shark Tank, BedJet was pre-production, but now the company is beginning to roll out their product to some of the biggest brands in the country, including Mattress Firm, the #1 largest mattress retailer in North America, Brookstone, Bed Bath & Beyond, and Berkshire Hathaway Furniture Group, which is the parent company of local furniture company Jordan’s Furniture.

“Sales on the website are fantastic…Six months after filming, our valuation is probably five times what it was in front of the sharks,” said Aramli. “I’m pretty confident we are on track to be the Shark Tank losers that laugh all the way to the bank.”

As a consultant to startups and a startup founder, Aramli has a lot of advice to offer entrepreneurs. His number one piece of advice? Put off using other people’s money for as long as you can. “The further you can go and the more progress you can demonstrate, it’s less of the company you have to give away for money,” said Aramli.

Aramli said it was a blessing that they didn’t give away a big piece of their company to the sharks when they were pre-production because now they are worth so much more. He says the company looks forward to making a profit this year and will be hiring in-state at its Newport headquarters.