5 Questions Every CEO Should Ask their Banker
As business leaders, it is imperative to have an inner circle of advisors you trust. In addition to a CFO, you often seek advice from attorneys, CPAs, and insurance agents to name a few. Adding a local banker to your list who lives and works in your market is smart and strategic.
Of course, a banker will discuss your business finances and help you gain access to capital. A trusted banker also has vast knowledge of the market, is up to date on the latest business deals and happenings and can share a wide network of contacts to help your business grow. With a community bank, decisions are made locally and often, much quicker, than at larger national financial institutions.
I would encourage any business leader to ask these questions of their current or prospective banker.
1. Is now a good time to expand my business?
Your banker should walk through different scenarios with you. What is the current demand for your products or services? Are customers requesting a new product line? Do you have customer support to grow? Are you growing so fast that you can hardly manage current business? Do you see an unprecedented opportunity that is exciting and difficult to pass up? Is your overall industry growing and is the opportunity ripe?
2. What precautions should I put in place to help my business with the concern of inflation and a potential recession?
Your banker understands that the effect of inflation on small to medium-sized businesses may seem somewhat insignificant in the short term; however, it can quickly have an impact on your bottom line. Reduced purchasing power means that businesses will sell less and potentially lower profits. Lower profits mean a decreased ability to grow or invest in the business itself. Credit control can help offset inflation. Your banker may direct you to increase savings and reduce unnecessary expenditures.
3. Can you offer my business options outside of traditional banking?
A community banker should detail any new technology and additional services they offer. Such services can help you cut costs and be more efficient. There are multiple treasury management solutions that can efficiently help you manage your business budget, improve cash flow, protect against fraud, and reduce processing delays. Definitely inquire about remote and mobile deposit, ACH and wire management systems that will save you time and money.
4. Can you help me with supply chain issues?
Your local banker can tell you about certain lending tools it can recommend to offset this rising challenge. Supply chain financing can support the trade relationships of middle market companies as a way to help stabilize supply chains and improve working capital.
5. How can you support my growth plans?
A trusted banker should understand your business and industry. He or she can assist in reviewing financial forecasting and projections. Ask about cash flow analysis and tips to gain financial efficiencies. Moreover, your banker should be a good sounding board and offer advice.
I believe if you focus on building a positive relationship with an experienced community banker, your business will succeed and grow.
Too many leaders navigate the financial arena with little personalized support. Sadly, 20% of companies fail within the first two years, according to Forbes. While opening a new business can be exciting and is more popular than ever, getting sound banking advice at the start, or even years after launch, can propel your business forward and help you serve your customers far into the future. I believe if you focus on building a positive relationship with an experienced community banker, your business will succeed and grow.
About the Author & Blue Ridge Bank
Chris Layne, market president at Blue Ridge Bank is a professional who primarily works with closely-held and non-profit organizations in and throughout the Richmond Metro region. If you have any questions for Chris. please feel free to reach out to him at 804-518-2625 or chris.layne@mybrb.bank.
Blue Ridge Bank is a Virginia bank with a national reputation, Blue Ridge Bank is all about business. Our team exudes an enterprising spirit in each local market so we can best serve our business clients. We provide a wide range of financial services including retail and commercial banking, private banking and wealth management, mortgage lending, and government-guaranteed lending.
About Virginia Council of CEOs (VACEOs)
Virginia Council of CEOs (VACEOs) is a nonprofit organization connecting CEOs for learning and growth. Formed more than 20 years ago, member benefits include placement in a peer roundtable group and access to a thought leader network, and a robust program of events for learning and growth. This is not a networking group, but rather a group of CEO peers who are invested in the success of each member. To qualify for membership CEOs must run a business with $1M+ revenue and 5+FTEs. Learn more at www.vaceos.org.
Youngest Guy In The Room
Member Spotlight on Corey Divine, 2022 Board Chairman for VACEOs
Q: Where were you born and raised?
A: I was born in Miami, FL. My parents divorced when I was young, and I spent the early part of my life split between the Florida Keys and Miami. I moved to Charlottesville in middle school and spent the rest of my teenage years in the Commonwealth.
Q: Where did you go to school?
A: I went to Gardner-Webb University, in Boiling Springs, North Carolina, and graduated in 2012 with a Bachelor of Science in business administration.
Q: Who inspired you to become an entrepreneur?
A: My inspiration came from my father. He has owned different businesses my entire life. He demonstrated that if you work hard, you can achieve success while also being present for your family.
Q: Please tell us about your journey to become a CEO and how old you were when you got started.
A: The first company I founded was Rent The Help. I was 22 and still in college. I finished my last semester online so I could start the business when I did. Our original concept was providing residential labor to homeowners to assist with moving, yard work, and other general “muscle” projects. As the business evolved, we diversified by getting into event staffing and warehouse recruiting. In January of 2020 we broke the company into two separate companies – Rent The Help and Candidate Source.
Rent The Help provides high quality, short term labor for homeowners and Candidate Source provides staffing, recruiting, and direct hire services for a variety of industries.
Q: What excites you most about your role as CEO?
A: I enjoy developing people and solving problems. Every day is a new adventure and I welcome that.
Q: Who is Mr. Leo? Is it true he is the real top dog at Candidate Source?
A: My fiancé and I adopted Leo in the early months of COVID. He came to work with me every day during the pandemic and won over the hearts of our team. Every morning he runs around the office and gets his daily treat from his office friends.
Q: Are there any national/business authors that you follow? What is it about them or their message that resonates with you?
A: I cannot pinpoint one author or business leader that resonates with me. I will share that I am drawn to books about CEOs and leaders that have built something or navigated challenging situations. Over the last few months a few books I have enjoyed are Ride of a Lifetime by Bob Iger (former Disney CEO) and Hot Seat by Jeff Immelt (Former CEO of GE).
Q: During these last few uncertain/difficult years, how did you keep yourself upbeat and motivated?
A: I found the pandemic to be an expensive learning experience. As CEOs we are forced to make decisions that significantly impact our businesses, employees and family members. Unfortunately, for COVID, there was no roadmap to help guide us. But, because we survived the experience and learned from it, we are stronger today than prior to March of 2020.
“VACEOs has been a rewarding experience. Having a network of CEOs to share experiences with is a valuable resource and something that has helped me become a better leader and CEO.”
Corey Divine
Q: What have you learned from COVID?
A: Overall, COVID proved 2 things: 1) If your business has a strong balance sheet you have a head start and are setup to weather difficult storms when they happen. 2) Always be ready for the unexpected. Never get comfortable with your sales or your people. I forget the author, but I read a quote when I first started my business that has always resonated with me “Your sales numbers serve as a scoreboard for the past. Focus on tomorrow, not yesterday.”
Q: Please tell us about your VACEOs experience. How long have you been a member? Why did you originally join? What part of your membership has helped you grow the most as a leader?
A: I originally joined the Council to invest in myself. My early career was all about growing my business, and I rarely took the time to focus on becoming a better leader. When I made the decision to join, I knew I needed to spend more time working on my business rather than in my business. VACEOs provided this platform for me and has been more beneficial than I could have hoped.
VACEOs has been a rewarding experience. Having a network of CEOs to share experiences with is a invaluable resource and something that has helped me become a better leader and CEO.
About Rent The Help and Candidate Source
Rent The Help – Rent The Help’s sweet spot are labor projects in the 2-4 hour range. Our most popular service is moving labor, which we provide throughout the Richmond area. Whether you need help moving an entire home, or just moving a couch from one room to another, our team is here to help. In addition to our moving labor services, we also provide labor services for yard projects, small commercial jobs, & event setup services. Our lives are busy, and the reality is, sometimes you just need a little help.
Candidate Source – We partner with businesses to help them find their most valuable asset – their employees. Our primary focus is in the warehouse, distribution, and manufacturing industries but we also offer solutions for call centers and other entry level administrative positions. We provide these services through a variety of methods but primarily through traditional staffing and direct hire arrangements.
About VACEOs
Virginia Council of CEOs (VACEOs) is a nonprofit organization connecting CEOs for learning and growth. Formed more than 20 years ago, member benefits include placement in a peer roundtable group and access to a thought leader network, and a robust program of events for learning and growth. This is not a networking group, but rather a group of CEO peers who are invested in the success of each member. To qualify for membership CEOs must run a business with $1M+ revenue and 5+FTEs. Learn more at www.vaceos.org.
A Call to Serve Virginia’s Autism Community, at Home
“I’m a kid that grew up in the north side of Richmond, one of the toughest parts of Richmond when I was growing up,” says Dr. Cedric Moore. “And it was my community, which helped shape me, to help me become who I am today and who I continue to try to aspire to be.”
Moore has risen far indeed. He is now the CEO of Spectrum Transformation Group, the first organization licensed in Virginia as an intensive outpatient Applied Behavior Analysis (ABA) service. Also a member of the Virginia Council of CEOs, Moore is supported by a local roundtable group as he implements his strategic plan for Spectrum and navigates various business challenges, including the pandemic.
Listen in as Moore talks about his business, social work, challenges facing minority business leaders, and his new-found home a VA Council of CEOs (Captions available)
Moore’s journey out of the city led to a bachelor’s degree in Social Work from Eastern Mennonite University, an MBA, and later a doctorate in strategic leadership from Regent University. He then returned to Richmond and launched Spectrum in 2010. Still, he admits that before joining VACEOs, he sometimes felt unheard or unacknowledged when in a room of non-minority business leaders.
“There were times where, you know, I had to speak a little louder or there were individuals who wouldn’t call on me in a meeting,” he explains. “Those are some things that we face as minorities, even with a terminal degree.”
“I’m very aware sometimes that I’m invited to the table, but I’m not actually welcomed at the table,” he says. “But I understand now that I’m happy to embrace this role and be able to help other minorities, as well to get them a seat at the table. I’m fortunate enough to find the Virginia CEOs and be able to work with Scot [McRoberts, VACEOs executive director].”
“It’s an ability to not only to survive things like the pandemic but also to come out of the situation a lot better. So everyone is there to help each other. I’m so happy, so proud to be a part Roundtable 17. It’s just been great.”
Dr. Cedric Moore, CEO, Spectrum Transformation Group
He elaborates on his VACEOs roundtable peers, “these groups, I mean, they really care about you as a person and they care about your business. It’s an ability to not only survive things like the pandemic but also to come out of the situation a lot better. So everyone is there to help each other. I’m so happy, so proud to be a part Roundtable 17.”
Carrying the Banner for In-home Autism Services
How did Spectrum come to be? “I want to help people. That’s what we do, social work,” Moore explains. “My wife had a passion with autism and that was huge for us.”
“We met with her mentor, psychology professor Donald Oswald, who is a guru on the East Coast within autism spectrum disorder services,” he says. “That drove us to provide services for a population at the time that there wasn’t much there other than educational services.”
At Spectrum, a team of 52 full-time employees—including psychologists, psychiatrists, behavior analysts and technicians, and speech and language pathologists—provides general mental health diagnoses and a variety of services, such as outpatient therapy.
“We are happy to carry a banner with being the first licensed program in the state to provide those services in the home,” says Moore.
A Future of Service, Family, and Faith
Adapting to a pandemic was especially challenging for an organization whose clients rely on face-to-face interaction. “So going to a telehealth platform made it really difficult. Some of their attention spans are a lot shorter than their peers. Some of them can’t sit for a very long period of time,” explains Moore.
In response, the company redesigned and reconfigured offices, common areas, and therapy spaces to comply with CDC safety guidelines and enable in-person services. “Our ability to be able to pivot was definitely important as we continue to try to meet the needs of those that we serve,” says Moore.
What’s next for Spectrum? The company is implementing phase three of its strategic plan and is bringing on psychiatrists and nurse practitioners. “It’s super exciting. It’s a new learning experience for me,” says Moore.
As important as Moore’s business goals, however, are his family and his faith. “I grew up with a single mom and my ability to be there for my children, it’s very important to me. My ability to be there for my wife is very important to me. And my ability to be able to serve God as best as I can is important to me. So every day I’m just trying to be better than what I was the day before.”
(Video) Baskervill President Helps Lead VACEOs Into 21st Century
Bob Clark is a Virginia native, a Cameron Herold Vivid Vision fan, and the current president of Baskervill — one of the oldest, continually operating architectural firms in the nation. And, we are pleased to announce that, in 2020, this Inc. 5000 leader will take over the lead role as the current Chair of the VA Council of CEOs.
“I’m excited to be a part of this great organization and glad to help it continue to grow,” says Clark. “I look forward to keeping the conversations going about endeavors that will add more value to the membership and continue to move us into the 21st century: Things like what we are doing now, virtual roundtables and pop-up meetings. And other programs and solutions to help members in this fast-moving world,” he adds.
Q&A WITH BOB CLARK, PRESIDENT, BASKERVILL AND 2020 CHAIR, VA COUNCIL OF CEOs
Q: I see you went to William & Mary and you are a graduate of VMI. Are you from Virginia originally?
I was born and bred in Virginia. My background is that I’m a mechanical engineer from VMI. After VMI, I was a commissioned officer, I traveled the world with the military for five years, then I found a wonderful job in Richmond that led me to go back to graduate school, where I went to William & Mary to receive my MBA. And upon finishing that, I’ve been at Baskervill ever since.
Q: Please tell me about Baskervill and how you came to be president there.
Baskervill is a 123-year-old firm founded in Richmond, Virginia. We have about 185 employees, and we have folks in Washington, Orlando, Richmond, Portland, Maine and in Gdansk, Poland. We are a full-service firm (architecture, engineering and interior design) doing commercial buildings.
Prior to becoming president, I spent five years as the firm’s COO learning all aspects of the business. We were a smaller company then! As we grew, we added HR and IT to my role. During that period, the Board asked that I take the next step and move into the President role – I said yes, and never looked back. Coincidentally, it’s been 16 years this month that I became president of Baskervill.
Q: What excites you most about your role there?
The part about the job I enjoy the most is watching the people grow and become successful in their work. And that may sound cliché, but in all honesty, it is truly rewarding when you see a young architect mature or a young engineer mature into a seasoned designer who is leading projects. It’s extremely rewarding. That’s kind of cheesy, but it’s true!
Q: I’ve heard that you are a Cameron Herold Vivid Vision fan. Why is that?
Over the years I’ve been fortunate to hear a number of great speakers at VACEOs Retreats and elsewhere, and several of those have had a significant impact on me. Cameron Herald is one of them. His presentation at the last retreat was especially timely because I was looking for a mechanism to crystalize and push our firm’s path forward. I found his Vivid Vision process to be just the right tool for us.
Q: You’ve been a member of VACEOs since 2005. Do you remember why you joined?
So I joined the Council back in 2005, and when I joined I was the new president of Baskervill at that point in time. And I was looking for a peer group to help guide me as I tried to guide the firm to places we’d never been before. And I can honestly say it’s been one of the best things I’ve ever done. And it’s been a wonderful ride all along.
Q: You’ve volunteered to be the Chair this year. Why do you think the Council is a worthwhile organization? Or to put it a different way, why are you happy to volunteer your time?
The Council has been worthwhile for me, not only professionally, but also personally. From a professional standpoint, it’s really helped me as a leader and helped me to guide my company for many years. From a personal standpoint, my peer group and my roundtable has been a tremendous asset in helping me learn to navigate and manage that notorious work/life balance, with which so many of us struggle. It’s given me the tools to be a better leader. With other obligations fulfilled, I was at a point where I could commit the time and energy to give back to the Council. There is a long list of distinguished chairs before me so I have big shoes to fill.
(Video) Meet Ron Carey, CEO of Tilt Creative + Production
[Listen in as Ron Carey of Tilt C+P explains his business and the challenges he is currently facing.]
We meet Ron Carey in a warehouse building tucked just off of Arthur Ashe Boulevard near Bow Tie Cinemas in Richmond, Virginia. Once we’re inside, it becomes apparent that this space is enormous. In fact, it’s a 16,000-square-foot-studio and production facility, filled with costumes, sets, lights, furniture, a funky kitchen, and a few creative spaces to sit and relax.
“We do all types of work here,” says Carey, founder and CEO of Tilt Creative + Production (TiltC+P). “We build sets here. We’ve got camera equipment here. We’ve got multiple stages. And so, it’s just a fantastic facility for our business partners to come in and make great content.”
Ron, a closet introvert (and former UVA defensive lineman), prefers to lift others up to the light, using his business as his platform to make a difference. “The business, as well as my personal platform, is about making a difference,” he explains. “How do we make a positive impact in the lives of those we touch individually, as well as the business and nonprofit partners we come in contact with?”
At just two years old, his company might be the youngest 30-year-old business around. Read on as we explain.
CREATIVE + PRODUCTION: THE STORY OF TILTC+P
Tilt Creative + Production is a full-service advertising agency and video production company all in one, operating out of two locations in Richmond. TiltC+P’s fully equipped video and production studio is located near Scott’s Addition. Its downtown space is where TiltC+P’s creative team cranks out copy, artwork and post-production work for clients like Walmart, Audi, and Capital One to name a few. TiltC+P currently employs approximately 40 people.
“We started with the belief that there was a better way to offer content development for brands,” says Carey. “But we really believe that because we’ve combined creative services – so that’s writing and art direction, with production and post production – that having all of that in house and having our own studio is something that’s really beneficial for the client. And so that’s the reason we put together Tilt Creative + Production.”
Carey had a clear vision of what his business would be from the get-go – what it would look like and how it would feel. “It should have a strong culture about doing the right thing,” he says. “And so the ability to kind of see all of that come to fruition was what led me to be an entrepreneur.”
Carey says he gives his employees the freedom to make a lot of decisions and operate with quite a bit of autonomy. Everyone brings something of value to the table, regardless of their role. Witnessing company-wide collaboration at work is what excites him most.
“I get excited just thinking about it – which is the notion of having everyone gather around an idea. It can be a creative idea. It can be the idea of what our company could be. It could be ‘What does our website need to look like?’” But gathering around an idea and having 40 [people] move in the same direction to accomplish that. And I love that I get to do it with people I like. To me, that’s really important.”
HR EXEC TURNS ENTREPRENEUR
Carey’s career path to entrepreneurship included stints with iconic and locally well-known brands, including Mars, Inc.; Wyeth; the Richmond Times-Dispatch; and The Martin Agency. His background is varied, but it’s impossible not to recognize his extensive Human Resources background.
“For me today, human resources has probably been one of the best jobs that one could ever have in terms of preparing you for being an entrepreneur. It got me in touch with what’s important to people, how to think about business processes, and how to make sure people have what they need so that they can go forward and be successful and do what the business needs for them to do,” says Carey.
Carey officially shifted away from HR when he became president of Studio Squared – at the time, a new digital content division of The Martin Agency. “Which ultimately led me into purchasing that company, which is now Tilt Creative + Production,” he explains.
THE CHALLENGES OF A YOUNG 30-YEAR-OLD BUSINESS
Tilt Creative + Production is in a unique state. “The business is almost two years old, but the business was really a merger of two companies,” Carey explains. “One was 10 years old, and the other was 30 years old. So although we’re two years old, we still have some of the challenges that a 30-year-old business might face.”
He continues, “The biggest challenge I’m probably thinking about right now is just scale. We’re adding additional clients. We’re adding new people and resources. We’ve brought two companies together. What do those processes look like? Each week, each month, if you’ve been successful, you’ve added new revenue. And all of a sudden, that brings some complexity. So how do you pause to change your processes? What talent with new skills do you need in the business? So that’s probably the biggest challenge, is making sure we focus on how we continue to reinvent processes or what things we should stop doing. What things do we need to start to continue to be successful?”
For now, Carey is relying on his football experience at UVA to help him keep his eye on the ball: his core mission.
“I think when I look at the business, I really think about growth,” he adds. “And the core mission of the business for me is about fulfilling the needs of our clients. And I think if we fulfill the needs of our clients and then separately provide our employees opportunities to grow and make a difference, I feel like we’ll be able to continue to grow and expand across North America. I’m really excited about the future.”
Thanks for sharing your story with us, Ron!
RON CAREY OPENS UP ABOUT HIS VA COUNCIL OF CEOs FORUM (VIDEO)
“Outside of the formal group, I feel like I can pick up the phone and call any of my group members and bounce an idea off of them, and also their expertise back. And so for that, it’s just been invaluable.” – Ron Carey, on his VACEOs forum. WATCH VIDEO.
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