Where do you turn for trusted advice about growing your company when you have no connection to Fortune 500 CFOs, CEOs, or investment bankers or have no relatives that have worked in corporate America?
This question was posed in a recent National Center for the Middle Market article on the lack of multi-million dollar Black-owned businesses.
For over 30 years, the Greater Los Angeles African American Chamber of Commerce has connected small and medium-sized Black-owned businesses to Fortune 500 CFOs, CEOs, investment bankers, and provided access to billions of dollars in contracts through its many programs, networking events, workshops and educational seminars.
In October, GLAAACC kicked off its 25th Business Evolution Program. Each year, a cohort of business owners is mentored through a nine-month business boot camp that provides sessions on setting up a back office system, certification, contracting, developing a capability statement, how to access capital, financial management, marketing, branding, and harnessing the power of technology and artificial intelligence.
GLAAACC Chairman Gene Hale is the founder and president of a multi-million dollar corporation, G&C Corporation, an equipment sales and leasing business. Hale started G&C Corporation over 40 years ago and is a nationally recognized leader in the procurement and sale of construction materials and supplies. At the kick-off session of GLAAACC’s 2024 – 25 Business Evolution Program, Hale spoke about what it takes to operate a successful business.
“As business owners, we not only need to be focused on getting the business, but after we get the business, we need to understand how to retain the business,” Hale said. “As you grow, it’s also important to know how to network properly to connect with leaders in business and politics – people that can open doors. That’s where BEP comes in.”
BEP applicants go through a rigorous selection process. Business owners accepted into the program apply for a variety of reasons. Many are looking to take their business to the next level of success, in search of new ways to market their business, access to financial services or solidifying their business structure.
Maria Dowd was seeking a way to have flexibility to spend more time with her family. The former executive left her job in renewable energy and started Dowd Solar Group. The company specializes in solar solutions, including solar panels, onsite battery storage and commercial EV charging stations. She joined GLAAACC BEP to help her scale and grow her business. She also wanted to ensure she had a solid business model.
“Because I have an S corporation, having the back office set up is a big deal for me and having all of my paperwork in order is important,” said Dowd. “Bylaws, articles of incorporation – those things are needed to apply for grants and for government contracts and for loans and that sort of thing, so I need to have it all organized.”
Dowd has already had her first one-on-one meeting with one of the business development coaches provided to the cohort as a part of BEP and has developed tasks to meet her goals. “I’ve got my little hit list and I’m knocking things out.”
Keidrick Cole applied for BEP to become a part of a community of like-minded Black business owners. His company, Elite Auto Source, specializes in luxury black car service where clients can specify the type of vehicle they prefer for special occasions from trips to Vegas or bachelor/bachelorette parties to date night.
A serial entrepreneur, Cole founded Elite Auto Source in response to numerous clients requests from his concierge and real estate businesses. Starting in a new industry after being in business for 20 years, Cole felt he needed to widen his network to get the word out.
Cole said he is looking forward to new collaborations through BEP. “Nobody can succeed alone. If I learn something new, I don’t want to keep it within my own brain,” Cole said. “I want to spread it to as many people as possible so that we all can win. And then, of course, I’m sure knowledge and wisdom will come back to me as well.”
At the inaugural meeting, BEP chairperson Lily Otieno reminded the group of the variety of upcoming events and capital investments that can benefit small businesses. Otieno is the director of the supply chain and diverse business enterprises for SoCal Gas Company. She previously headed her own consulting firm, Infinity Business Solutions, where she assisted businesses reach their goals.
“We have the Olympics, the infrastructure bill, the remodeling of the airport,” Otieno said. “Persevere, learn to be active, take advantage of everything that you are given so that you can be successful.”
Valued at $15,000, BEP is provided at no costs to businesses that are accepted into the program. BEP is underwritten by the generous sponsorship of T-Mobile, Wells Fargo Bank, Southern California Edison, US Bank, SoCal Gas and Citizens Business Bank.
GLAAACC’s Business Evolution program will continue monthly through April 2025. Registration for BEP 2025-2026 will open in June 2025. For more information visit glaaacc.org.
Read more articles for the Black Community here.
This article was originally published on diversitycomm.net.