Table of Contents

06 WELCOME

08  THANK YOU TO OUR RENEWING MEMBERS

10 WELCOME NEW MEMBERS

12  EMPLOYMENT | AN OPTIMISTIC OUTLOOK

14  PROFILE | MATT HARROLD GOA CHAIRMAN

16 ECONOMIC FORECAST

18  PROFILE | ANTHONY KANDAH BOARD MEMBER, ELK GROVE CHAMBER

Welcome

Welcome to the GOA’s winter edition of In the Know, the quarterly magazine that features our members, their businesses and recent topics important to the business community.

As we welcome the new year, I would like to take a moment to look back on years past and recognize the determination and years of commitment and hard work of our members, each of whom have such distinct and motivating professional stories to tell. In this issue, we feature a profile on member Matt Harrold, who has found much value in his GOA membership, along with member Anthony Kandah, who notes when area businesses thrive, the community thrives, as well.

This edition also delves into an area employment outlook and economic development, both looking optimistic for 2025.

This publication is another vehicle for exchanging ideas and learning about opportunities for both personal and professional development. We are happy to continue to provide you with this resource for useful and interesting stories for, about and from our members.

As a reminder, if you have a story of particular interest you would like considered for a future issue of In the Know, please send them to me via [email protected].

Don’t forget to sign up to one of our many events throughout the year, which include everything from job fairs to networking breakfasts and more. For more information and to register, please visit https://web.thegoa.com/events.

As always, we are happy to hear your feedback on the stories we share and we welcome suggestions for future events or programs. Please contact our office or reach out to a board member with your input.

Sincerely,

Shirlanne Lemm

President & CEO

Get to Know

HAPPY ANNIVERSARY!

Thank you to our renewing members

53 Years

GLADSTONE GROUP INC.

52 Years

ELK GROVE VILLAGE PUBLIC LIBRARY

DOUMAK INC.

JAROSCH BAKERY

N.W. VILLAGE REALTY, INC.

AT&T ILLINOIS

51 Years

ASCENSION ALEXIAN BROTHERS

49 Years

XERTREX INTERNATIONAL INC.

FOREST AWARDS AND ENGRAVING

45 Years

W.E. CARLSON CORPORATION

41 Years

EXPEDITORS INTERNATIONAL INC.

BDG INTERNATIONAL INC.

39 Years

PACE

38 Years

ADDISON BUILDING MATERIALS

34 Years

TASTY CATERING

GULLO INTERNATIONAL DEVELOPMENT CORP.

31 Years

ITASCA BANK & TRUST CO.

30 Years

DARWIN REALTY/CORFAC INTERNATIONAL

28 Years

W. R. MAGNUS INC.

26 Years

SOLEX EXPRESS INC.

SANDLER TRAINING - BTSI

24 Years

AIT WORLDWIDE LOGISTICS

23 Years

CONCORDIA INTERNATIONAL FORWARDING CORP.

22 Years

STAFFING PLUS

WOODLAND GLOBAL

MALLORY ALEXANDER INTERNATIONAL LOGISTICS

21 Years

BELVEDERE BANQUETS

20 Years

SCHOOL DISTRICT 54

DISTRICT 214 COMMUNITY EDUCATION

MID-WEST MOVING & STORAGE

19 Years

SUPPLY CHAIN SOLUTIONS, LLC

MEA INC.

ELK GROVE TOWNSHIP

18 Years

QUICK DELIVERY SERVICE INC.

TECHNOLOGY MASTERS INC

APOLLO INTERNATIONAL FORWARDERS INC

SERVICE SHIPPING INC.

16 Years

KELLER WILLIAMS SUCCESS REALTY

15 Years

EXPEDITORS INTL OF WASHINGTON

LAW OFFICE OF DAVID R SCHLUETER

SAUL EWING

14 Years

MID-AMERICA OVERSEAS, INC.

ITASCA COMMUNITY LIBRARY

13 Years

OEC GROUP CHICAGO

TRADE TECHNOLOGIES, INC.

GLOBAL SHIPPING PARTNERS LLC

SAVAGE BROS. CO.

BETSY’S ONE OF A KIND

ITASCA PARK DISTRICT

PINNACLE SERVICES INC

12 Years

IDENTITY CRISIS

GREEN WORLDWIDE SHIPPING

GLM, INC.

ALLIED DAIRY PRODUCTS, INC. & SUBSIDIARIES

AIR POWER

11 Years

RJ2 TECHNOLOGIES

ELK GROVE VILLAGE BANK & TRUST

RADIUS INTERNATIONAL

MCMASTER-CARR SUPPLY COMPANY

FLEXTRON CIRCUIT ASSEMBLY

GARAGE STORE

10 Years

CIRCLE GRAINS INC.

SCOULAR GLOBAL SHIPPING

OKEEFE RESTAURANT SYSTEMS

AMERICAN FAMILY INSURANCE/ MATTHEW HARROLD AGENCY

KELLSTROM AEROSPACE

GARDI, HAUGHT, FISCHER & BHOSALE

9 Years

ROBE, INC.

C & D USA

PERIMETER GLOBAL LOGISTICS

ASHLAND DOOR SOLUTIONS

POLARIS WORLDWIDE LOGISTICS

8 Years

DHL GLOBAL FORWARDING

CLUTCH GLOBAL LOGISTICS INC.

SKYLINE STAFFING, INC.

MOTEL 6

ROBACK’S TRUCK & AUTO

7 Years

THE MAIL HOUSE, INC.

JET SPEED LOGISTICS USA LLC

PANDUIT CORP.

CRANE WORLDWIDE LOGISTICS

SERVPRO OF ELK GROVE

SCHAUMBURG BOOMERS

HOLIDAY INN EXPRESS

INTERFRACHT USA

OL USA

6 Years

NAIGAI NITTO AMERICA, INC.

WILLOW CROSSING APARTMENTS

VAPOR POWER INTERNATIONAL

QUALIFIED CARGO SOLUTIONS, INC.

5 Years

ADVOCATE LUTHERAN GENERAL HOSPITAL

AMERICAN SUPPLY ASSOCIATION

JLL

4 Years

TRADE TECHNOLOGIES INC.

COUNTRY INN & SUITES - ELK GROVE VILLAGE

3 Years

LANER MUCHIN, LTD.

KELLEHER + HOLLAND, LLC

CHICAGO FILTER SUPPLY

ROADSIDE PROTECT, INC.

RELIANCE ORTHODONTIC PRODUCTS, INC.

2 Years

EDWARD JONES - ERIN WAMBANGCO

FREIGHT SYSTEMS INC.

1st HOME IMPROVEMENT

FARMERS INSURANCE

IBRAND VISUAL/PRYOR SIGNAGE

IMPACT PRINTERS AND LITHO, INC.

HOLCIM US

1 Year

RAMROD DISTRIBUTORS

GRECIAN DELIGHT/KRONOS FOODS

E.R.C. DELIVERY SERVICE INC.

IMPERIAL SURVEILLANCE

MR. HANDYMAN

AMERIPRISE / ALLIANT FINANCIAL STRATEGIES GROUP LLC

FULLA BEANS

STERICYCLE, INC.

NRG RESTORE

ROCO REMODELING

T-MOBILE FOR BUSINESS

PAYLOCITY

MASTERPIECE INTERNATIONAL LIMITED, LLC

OFFICE FURNITURE RESOURCES

TECHNOSOFT CYBER, LLC

REWORK OFFICE FURNITURE

LPI/PULVER PACKAGING

GHC MECHANICAL

CARTAGE XPERTS CO

DRIVEN OPS CONSULTING

VARIETY THE CHILDREN’S CHARITY OF IL

VENSURE HR

FERRARA CANDY COMPANY

IXSOLUTIONS

WELCOME NEW MEMBERS!

@PROPERTIES

[email protected]

ADVANCED MOVING & STORAGE

www.advancedmoving.com

ALLIANCE DISASTER KLEENUP

www.alliancedk.com

ALONTI CATERING

www.alonti.com

ANTHONY J. MADONIA & ASSOCIATES, LLC

www.Madonia.com

BEACON HILL ASSOCIATES

www.beaconhillstaffing.com

BERKEL MIDWEST SALES AND SERVICE INC.

www.berkelmidwest.com

CONNECTIONS MARKETING

www.connectionsmarketing.com

CRAFT & MOTION

www.craftandmotion.com

CROWN COVERINGS INC.

www.CrownCoverings.com

EVEREST PAVING

www.everestpaving.com

GIFT OF HOPE ORGAN AND TISSUE DONOR NETWORK

www.giftofhope.org

GOLDY LOCKS INC.

www.goldylocksinc.com

HI-IMPACT TECHNOLOGY, INC.

www.hi-impact-tech.com

JUST IN TIME STAFFING, LLC

www.jit-temps.com

LKP IMPACT CONSULTING

www.lkpimpact.com

LUMISOURCE LLC

www.lumisource.com

MERCEDES-BENZ OF HOFFMAN ESTATES

www.mercedeshoffman.com

NORTHSTAR MARKETING LLC

OFFICE EVOLUTION - HOFFMAN ESTATES

www.officeevolution.com/location/hoffman-estates

OHARELAND, LLC

www.ohareland.com

OPTIMIZEDEXECS

www.optimizedexecs.com

ORGAN RECOVERY SYSTEMS

www.organ-recovery.com

PROSOURCE WHOLESALE FLOOR COVERING

www.prosourcewholesale.com/elkgrovevillage

PRUDENTIAL FINANCIAL

www.prudential.com/office/ahil-ahil

REAL STRUCTURES

www.realstructuresllc.com

RIEKE INTERIORS

www.rieke.com

TRAVERSE INTERMODAL SOLUTIONS LLC

www.traversetheglobe.com

TWO MEN AND A TRUCK

https://twomenandatruck.com/movers/il/chicago/schaumburg

USI INSURANCE SERVICES

www.usi.com

VIP HOME THEATERS

www.viphometheaters.com

An Optimistic Outlook Employment

Employers in Illinois are more optimistic than those in many other states about the economic environment ahead. But even they are concerned about talent acquisition and retention in 2025 and their ability to pay competitive compensation to that talent, according to Mary Lynn Fayoumi, president and CEO of HR Source, an association for employers, which helps them manage their human resources needs, stay in legal compliance and maintain healthy employee relations.

“A new pay transparency law went into effect in Illinois on January 1, which requires that all employers with 15 or more employees post available positions and include pay and benefits information on each posting in an effort to reduce pay gaps between groups of employees,” Fayoumi said.

“Pay continues to be a challenge, but it is not rising as much as it was immediately post-pandemic. We are also not seeing employees jumping between employers to boost their pay as much as they were for a while,” she continued. “So, employers are enjoying a more stable workforce.”

“For a time, we were also seeing what a recent Gallup speaker I heard term ‘The Great Detachment.’ Workers were staying put, but not engaged or satisfied. They were less productive and absent quite a bit. Hopefully, this era is behind us.”

Some employers, she said, are proactively trying to use artificial intelligence (AI) to increase productivity and improve both customer and employee experiences. Fayoumi feels that fears of AI are overblown. She expects it to be used to streamline processes; reduce monotonous tasks; drive efficiencies; and improve effectiveness, not steal jobs.

“It is vital that organizations articulate AI guidelines and policies with their teams in order to reassure their employees. Failing to discuss the use of AI will cause employees’ fears to grow,” she cautioned.

Fayoumi sees more and more employers trying to find ways to make employees come back to the office where they can collaborate and innovate, “but they need to find a compelling reason to get employees to return because so many prefer avoiding the commute and are no longer shy about demanding what they want. Savvy employers are making office time worthwhile through concerted efforts.”

“Unemployment is still pretty low thanks to the retirement of the Boomers. Millennials are taking leadership roles, and soon the workforce will be welcoming more people who were in school during the pandemic. Unlike their predecessors, these workers are demanding support for their mental and physical health. Older generations were told that you didn’t bring these issues into the workplace, but there is no longer the stigma there once was, and employers are expected to be part of the solution by offering more time off for bereavement and other issues.” Fayoumi explained.

“In 2025, we will have to see what President Trump prioritizes. No one I know is making drastic changes to their business plans yet, but many are putting off hiring until a bit later in 2025 so they can keep an eye on job reports in January and February because that will be indicative of what is coming,” she added.

"Pay continues to be a challenge, but it is not rising as much as it was immediately post-pandemic."

GOA CHAIRMAN

MATT HARROLD

OWNER

AMERICAN FAMILY INSURANCE | ELK GROVE

The GOA provides Matt Harrold with a successful networking platform.

Matt Harrold, a GOA member since December 2013, became chairman of the Association in January. He is the owner of the American Family Insurance agency in Elk Grove Village, which offers auto, home, business and life insurance as well as other insurance products.

Harrold is also the founder of LMJ’s Lost Souls Alzheimer Fund, a non-profit Alzheimer’s Disease education, research and support organization. He established the fund in early 2023 in honor of his mother who died of the insidious disease.

“I joined the GOA when my business was only six weeks old, thanks to the advice of long-time member, Pete Gennuso of Gennuso Financial Group in Oakbrook Terrace. He counseled that membership in the GOA would give me the opportunity to meet people and build relationships with them. And that is exactly what it has done. It has given me the opportunity to meet people whom I never would have otherwise met and has increased my firm’s revenues 1000%,” he explained.

Membership in the GOA, Harrold said, gives him access to an unbelievable number of nearby events each month, which allow him to meet fellow members who are active in the Association, and it is not cliquey (like in many business organizations).

“The unique members and staff of the GOA make its many events work!” Harrold stated emphatically. “They give members an opportunity and platform from which they can grow their personal networks, if they choose to do so and are willing to put in the necessary hard work.”

“I give a lot of my time to the GOA because the GOA has given so much back to me and my business,” he added. “I look forward to being present and being an active listener in my new position as GOA chairman. Know that I realize that I have two ears and one mouth for a reason. I know that sometimes people can solve problems without ever opening their mouths.”

"I give a lot of my time to the GOA because the GOA has given so much back to me and my business."

ECONOMIC FORECAST

GROWTH DEPENDS ON NEW ADMINISTRATION

There is significant optimism on continued U.S. economic growth, but the extent to which President Donald Trump delivers on his campaign promises during his second term in office could have a huge impact on economic growth in 2025, according to Venkat Veeramani, chief economist at Wintrust Financial Corp.

The incoming administration’s priorities include de-regulation, lowering corporate taxes, increasing tariffs on imports and implementing hardline immigration policies. Republicans will control the Congress but have a slim margin in both chambers, and there may be roadblocks to policies Trump campaigned on. In the short run, tariffs could cause a bump in inflation. Immigrant labor is particularly important to certain sectors like manufacturing, agribusiness, construction and leisure and hospitality services,” Veeramani stated.

“Ever since the housing recession in 2008, we have been under-constructing new houses in this country. Even when interest rates were incredibly low, we were still constructing too few homes, so housing demand remains high. Mass deportation would tighten an already tight labor market, further worsening the demand-supply imbalance in the housing market.”

Looking at consumer trends, Veeramani shared, “the U.S. economy continues to expand at a solid pace, primarily driven by above average growth in consumer spending, with purchasing power continuing to trend above the rate of inflation.”

Veeramani added, “fiscal policy and AI related spending were big drivers of growth in business fixed investments in recent quarters. Additionally, fiscal spending via the Infrastructure Investment and Jobs Act and CHIPS and Science Act has been a significant driver of growth in nonresidential construction.”

“Much of the government’s spending is mandated and can only be cut by Congress. So, we will have to wait and see what the new Department of Government Efficiency (DOGE) does. Will it actually cut some spending, and which spending will it cut?” Veeramani continued. “The new department may be able to save money by extending the life of certain projects.”

But infrastructure improvements could be seriously slowed by spending cuts. Trump and co-leaders of DOGE had suggested that they might close certain departments - like the Department of Education with its roughly $80 billion budget and 4,000+ employees. Still, it is hard to see a $2 trillion reduction in spending targeted by DOGE.

“The cuts would be good fiscally, but not growth-wise,” Veeramani cautioned.

“But we have to remember that Elon Musk is known to think way outside the box, and I am as curious as everyone else to see what he comes up with. He has until July 4, 2026 to make his recommendations.”

Markets expect the Fed to cut the policy rate by 50 bps in 2025 and 2026; however, if President Trump increases the tariffs on goods from China, Mexico and Canada, prices on consumer goods in the U.S. will rise, Veeramani continued, and that will force the Fed to keep the rates relatively higher for longer.

“Since the U.S. government’s interest payment obligations are expected to be north of $1 trillion in 2025, higher rates make it difficult to service our national debt,” he added.

Many GOA members will wonder if the U.S. economy will continue to grow, Veeramani said. “The U.S. economy is resilient, and I am confident that the strength in consumer spending and business investments will continue to support economic growth in the coming quarters.”

“And if the U.S. economy begins to struggle, the Fed could lower the policy rate at a faster rate and the Trump administration is better positioned to support the economy via a fiscal stimulus,” he added.

As for commercial real estate, Veeramani said, the outlook is mixed. “Since the pandemic, there has been a significant increase in available office and retail space since many still prefer to work at home and shop online, so the value of that real estate has fallen. But lower interest rates may eventually help those properties. Many owners are starting to look at them with conversion to medical offices or even residential properties in mind, and retail centers are being transformed into restaurants and athletic facilities.”

Industrial/commercial properties, on the other hand, are hot commodities for industrial uses, e-commerce facilities and data centers.

"The U.S. economy continues to expand at a solid pace, primarily driven by above average growth in consumer spending, with purchasing power continuing to trend above the rate of inflation."

BOARD MEMBER, ELK GROVE CHAMBER

ANTHONY KANDAH

VP/AREA BRANCH MANAGER

WINTRUST BANK

GOA member Anthony Kandah’s career has benefitted from his GOA participation.

Anthony Kandah joined the Elk Grove Village Chamber of Commerce Board of Directors two years ago. He is a vice president and area branch manager for Wintrust Bank, overseeing the Elk Grove, Itasca and Wood Dale branches of Elk Grove Village Bank & Trust.

“I have been honored to be asked to serve on the Chamber Board,” Kandah said. “I love meeting people, taking them out to lunch and learning about them and their businesses.”

“I enjoy preaching to them about the connections and support the Chamber can provide between local businesses. People looking to grow their businesses need to understand what an advocate for them the Chamber can be,” he continued.

He adds that when local businesses thrive, communities thrive.

“It is all connected. Being part of Chambers has really taught me that and it was eye-opening, so I like to communicate that principle to the new business owners I meet through the Chamber. I explain that most of their fellow members are people who are generous with both their hearts and their time because they want the local community to prosper,” Kandah said.

Since joining the Elk Grove Chamber, Kandah has been particularly impressed with the unity and the very structured nature of the meetings, allowing important business to get done.

“I am grateful to be part of the Elk Grove Chamber and to serve on the Board,” he added.

Kandah earned his bachelor’s degree in business management and administration from Bradley University and his MBA from Grand Canyon University. He started his career as an assistant manager at Walgreens and then transitioned into the retail banking industry 15 years ago.

"People looking to grow their businesses need to understand what an advocate for them the Chamber can be."