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Despite the turmoil in the U.S, economy, financial experts see plenty of good business opportunities, according to panelists at the second annual Black Business & Economic Forecast Luncheon,. The event was hosted by the Chicago Black Alumni Association.March 28 at the Union League Club in downtown Chicago.
“We’re in a recession,” said Alfred Sharp, principal for Investment Client Services at Muller & Monroe. “I’m not an economist, but you can quote me on that.” Nevertheless, he said, “We still remain very optimistic about private equity. We’re raising capital.”
“We’re kids in a candy store right now,” said Philip Alfonse, a principal at Sterling Partners. “With multiples down, it’s a great environment for volatility. We have cash, so we’re in a good position.”
The same is true for most businesses that have maintained a “staid position,” according to Lyle Logan, ’89, executive vice president at Northern Trust. “It has paid off. Now is a great time to be at Northern Trust.”
And, said Gerald Beechum of Chase Capital, “In times like these, conservative businesses can be in a position to be supportive,” as JPMorgan Chase was in the case of Bear Stearns.
Beechum recommended an opportunistic business mindset. “I always entertain an idea before making decisions,” he said. “If someone comes to you, think about the offer.” Sharp agreed. “Depending on how you wake up in the morning, you either have opportunities or not,” he said. “Nothing else matters. The market doesn’t matter. You make opportunities. You might not want to come outside right now, given the environment. But you have to get beyond that. Always think from an opportunistic perspective.”
Sharp said that’s the attitude he’s tried to teach his children, especially when it comes to the perception that minorities face a glass ceiling. “If you focus so much on the ceiling, there is a ceiling,” he said. “I teach my sons, there is no ceiling. Fortunately for me, I had great mentors. You need to have a champion, someone who will back you. Then you have to perform.”
Alfonse agreed. “Think of two things when you’re navigating situations you don’t control: You have to be good at what you do, and you have to find sponsors. Find a mentor. Maybe it’s not a classic mentor relationship. Be open.”
Said Logan, “Performance is critical, but without guidance, you may not get far.”
And, without diversity advocates, the wheels of racial parity will continue to grind slowly. “You need people inside to say, ‘yes,’ ” Alfonse said. “But the landscape is changing. Diversity is going to be a mandate for survival. People who are smart understand that dynamic.”
Still, he continued, “good ideas don’t have a color. An XXX deal is an XXX deal. Companies look for people who speak the same language. The United Nations concept is new, but it’s growing.”
To conclude, the panelists recommended liking what you do, socializing across the racial spectrum, and, said Sharp, having a plan. “You may not stick with it,” he said, “but it’s better if the battle is won before the battle.”
- Carmen Marti