Before Doug Howarth took part in an exhaustive small business education program backed by Goldman Sachs, he had already built a strikingly successful catering company and opened the well-received Silvio’s Brazilian BBQ on the Pier Plaza. Now, armed with greatly expanded knowledge, top-flight mentors and a wider access to funding sources, Howarth is working on a concrete plan for dozens of franchise stores with tens of millions in sales.
Howarth recently became one of the few graduates of Goldman Sachs’ invitation-only “10,000 Small Businesses Initiative,” designed to help businesspeople across the U.S. access funding, mentors and networks, and learn how to realize heady long-term goals while they navigate the daily whirl of their business activity.
“It really opened my eyes,” Howarth said.
Following his acceptance into the program, he spent a number of weekends in Long Beach as part of a 25-member section of the Initiative, which boasts among its advisory board members Warren Buffett, the president of Cornell University, and a leading light behind Wendy’s restaurants.
There he and the others were mentored by the likes of Rick Postle of Panera Bread and Wendy’s restaurants renown, and Mori Taheripour, who negotiates large business deals and contracts for professional athletes.
The sessions were intensive, and Howarth came away with a new level of insight and practical knowledge of how to run his business with an eye on the future as well as the present.
He came away with a new outlook on capital, on “how to find money, how to find people with money who believe in your concept,” he said. “It’s just a lot easier to open a bunch of restaurants with other people’s money.”
He was shown the importance of “knowing your numbers,” making a continuous, detailed appraisal of profits and losses, although he was pretty much on the ball with that one before the sessions.
Howarth heard addresses from Los Angeles Mayor Antonio Villaraigosa and Long Beach Mayor Bob Foster, and rubbed shoulders with Goldman Sachs CFO David Viniar.
“It was fascinating to meet people of that stature,” he said. “It brings them off of the pedestal.”
He even made a joke to Viniar about selling Facebook stock to U.S. clients, a notion Goldman Sachs flirted with before backing off.
Howarth, who caters huge music events such as Coachella and Stagecoach, even managed to cater a meal at the Initiative sessions.
“I made some money on the deal,” he said.
As a side note, Howarth will promote the growing sport of sand soccer with the Silvio’s Brazilian BBQ Beach Soccer Tournament, expected to draw about 70 teams with players aged 10 to 19 to Hermosa on Aug. 6 and Aug. 7.
Small businesses have generated 64 percent of net new jobs over the past 15 years. They make up 99.7 percent of all employer firms, hire 40 percent of the nation’s high tech workers, and produce 13 times more patents per employee than large patenting firms, according to the U.S. Small Business Administration.
Howarth said he is envisioning bigger things for his business than he did before the Long Beach sessions.
“I kept limiting myself. I wouldn’t allow myself to think globally,” he said. “It can be done. People do it.” ER
