Issue 11.45

November 14, 2025

SUPERSTARS IN BUSINESS

GREY FOX WEALTH ADVISORS | WHERE RELATIONSHIPS MATTER

Launching nine days before the global pandemic with no clients and zero assets under management, Grey Fox Wealth Advisors has successfully turned uncertainty into trust and challenge into momentum. Founded by Kevin Dombrowski and Ted Lauzen, the fiduciary investment team customizes public and private market portfolios and coordinates “family office” services for local business owners, executives, and their families. Just five years later, the team now serves over 300 people, manages more than $635 million in assets, and employs eight local professionals. Read more >

WATCH THEIR VIDEO:

WHERE INNOVATION MEETS

INSTITUTIONAL EXCELLENCE

By Secretary Charuni Patibanda-Sanchez

Delaware has always punched above its weight. ... Despite media narratives about corporate departures, Delaware had a net gain of companies in 2024, with only eight publicly traded companies leaving the state. Our more than $2 billion in corporate franchise revenue — the state’s second-largest source of income — allows us to continually reinvest in the legal infrastructure and expertise that keep Delaware ahead.

But our story isn’t just about Fortune 500 boardrooms. From bootstrapped garage operations to cutting-edge fintech disruptors and biotech trailblazers, Delaware is a launchpad where audacious ideas take root. Read more >

DELAWARE INCORPORATIONS BY THE NUMBERS

2.1M+

business entities hosted

in Delaware

289,810

new business entities formed in 2024

81.4%

of U.S. IPOS chose Delaware for incorporation

publicly traded companies left Delaware in 2024

66.7%

of Fortune 500 companies are incorporated in Delaware

$2B+

generated in corporate

franchise revenue

Source: Delaware Division of Corporations

APPLICATION NOW OPEN!

SUPERSTARS IN EDUCATION & TRAINING

Do you know a training program that’s shaping Delaware’s future workforce? The Superstars in Education & Training awards program celebrates innovative programs that equip students and employees with the skills needed to succeed in today’s economy. By recognizing these programs, we shine a light on their impact — and hopefully inspire others to follow their lead.

Apply today to showcase your program in one of four categories: High School Programs, Independent Training and Certificate Providers, Higher Education Programs, and Corporate Training Programs. View the application >

PRESIDENT'S MESSAGE

The State of Delaware has an operating budget of roughly $6.5 billion. The latest state economic forecast identifies a slowdown in revenue to the tune of $73.8 million, yet the same forecast projects growth of 3% to 5% in our next fiscal year. I don’t envy economists right now, because the federal government shutdown and tariff policies that change weekly make gathering accurate data a real challenge. That said, it seems odd to me that we would rush to adjust our tax code (that is being considered) or deeply slash budgets (that’s not on the table) in response to a reasonably small revenue shortfall.

In a letter we sent to members of the Delaware House Administration Committee last week, we noted that if the state is running a shortfall of $73.8 million for FY26, other options exist to close this gap — options that have been used by Delaware governors and state finance officials over the years. Read more >