Develop This: Economic and Community Development

Why start from scratch when you can buy your way to success? 🎙️

Harvard Business School's Richard Ruback & Royce Yudkoff share their blueprint for entrepreneurship through acquisition, spotting high-value businesses, and raising capital.

🎧 Listen now: Think Big, Buy Small: Harvard's Blueprint for Business Ownership

Harvard Business School professors Richard Ruback and Royce Yudkoff join Dennis Fraise to unpack their groundbreaking approach to entrepreneurship through acquisition. Learn how buying an established business can be a smarter, lower-risk path to ownership, the secrets to spotting high-value companies, and strategies for raising capital. Whether you're an investor, entrepreneur, or future CEO, this episode offers a Harvard-backed blueprint for building wealth and leading with confidence.

Takeaways

• Entrepreneurship through acquisition offers a lower-risk alternative to startups.
• Successful entrepreneurs often seek professional independence and a direct link between effort and reward.
• Assessing fit is crucial; entrepreneurs should envision themselves in the role of CEO.
• Recurring revenue and high margins are key indicators of a quality business.
• Dull businesses can be highly profitable and manageable for entrepreneurs.
• Raising capital for acquisitions can come from various sources, including investors and SBA loans.
• The search process can be challenging, with many rejections before success.
• Understanding the market and industry is essential for finding the right business to acquire.
• Investors are increasingly interested in funding acquisition searches due to attractive returns.
• The upcoming season of 'Think Big, Buy Small' will explore diverse entrepreneurial journeys and niches.

Summary

In this episode of Develop This!, Dennis Fraise and Rick Kiernan with Convergent Nonprofit Solutions discuss the evolving landscape of funding for economic development organizations. They explore the shift from traditional funding methods to a focus on workforce development, housing, placemaking, and childcare. Rick shares insights from his extensive experience in fundraising and highlights the importance of feasibility studies in understanding community needs. The conversation emphasizes the necessity of having a well-structured plan to attract funding and support for various initiatives that enhance community appeal and address workforce challenges.

Takeaways

• Economic development funding has evolved significantly over the years.
• Workforce development is now the primary focus for economic development organizations.
• Feasibility studies provide critical insights into community needs.
• Housing shortages are a major barrier to attracting talent.
• Placemaking is increasingly important for community attractiveness.
• Childcare availability directly impacts workforce participation.
• Community engagement is essential for successful fundraising campaigns.
• Economic development organizations must adapt to changing priorities.
• Collaboration with local stakeholders enhances fundraising efforts.
• A well-defined plan is crucial for securing funding and support.

Join us for an insightful conversation with Hugh McDonald, Arkansas Secretary of Commerce, as he shares his journey from the utility sector to leading state commerce. Discover the challenges, achievements, and future plans for Arkansas's economic development.

Key Points:

• Hugh McDonald's transition from Entergy to the Secretary of Commerce
• The creation and impact of the IMPACT legislative package
• Challenges and opportunities in Arkansas's economic landscape
• The role of the private sector and local communities in economic growth
• Future goals for Arkansas in steel, lithium, and workforce development

In this episode of Develop This! Dennis is joined by Maureen Donahue Krauss, President and CEO of the Detroit Regional Partnership, and they discuss Detroit today and the upcoming 2025 IEDC Annual Conference in Detroit.

Get ready for an exciting preview of the 2025 IEDC Annual Conference in Detroit! This episode offers a sneak peek into the anticipated sessions, keynote speakers, and innovative topics that will shape the future of economic development. Join us as we explore what to expect from this year's conference, including transformative projects, cutting-edge strategies, and the latest industry trends. Don't miss this opportunity to prepare for an event that promises to inspire and inform.

Online Registration Cut-off: August 29, 2025

• Keynote Speakers: Discover who will be leading the discussions with insights from top industry leaders.
• Innovative Sessions: Explore the cutting-edge topics and strategies that will be covered.
• Transformative Projects: Learn about the projects that are set to reshape the economic landscape.
• Networking Opportunities: Connect with professionals and experts from around the world.
• Latest Trends: Stay ahead with the newest trends in economic development.

Episode Description: Join us in this insightful episode as Dennis welcomes back Mark Perna, a regular contributor to Forbes, to discuss the evolving landscape of networking. Discover how Gen Z is reshaping networking norms, the importance of genuine connections, and strategies to stand out in today's competitive job market.

Key Takeaways:

• Gen Z's approach to networking: moving beyond cold calls and coffee chats.
• The significance of building a personal competitive advantage.
• Networking myths debunked: quality over quantity in connections.
• Practical tips for making networking fun and effective.

Summary

In this episode of the Develop This Podcast, Dennis Fraise is joined by Eric Canada and Ashley Canada to discuss the importance of AI literacy and its implications for economic development. They explore the origins of their AI workshops, the challenges of understanding AI, and the necessity of starting with personal applications. The conversation delves into effective prompting techniques, tools for engagement, and the ethical considerations surrounding AI usage. They also highlight the future of AI as a significant disruptor and the importance of education in navigating this landscape.

The Everyman AI Advantage Tour

Takeaways

• AI literacy is critically low, with only about 5% of users being proficient.
• Starting with personal applications of AI can ease the learning curve.
• Effective prompting is essential for maximizing AI responses.
• AI tools like ChatGPT and Claude serve different purposes and outputs.
• Organizations need a clear strategy for integrating AI into their operations.
• Ethical considerations in AI usage are paramount to ensure responsible application.
• AI presents both opportunities and challenges for economic development organizations.
• Education and training are vital for adapting to AI advancements.
• The future of AI will require proactive engagement from all sectors.
• Workshops can provide hands-on experience and practical knowledge for users.

Summary

In this episode of the Develop This Podcast, Dennis Fraise interviews Bethany Miller, a Senior Economic Development Consultant at Hickey Global. They discuss Bethany's unique career path, her experiences in various economic development roles, and the skills necessary for success in the field. Bethany shares insights on navigating career transitions, her time at Amazon, and the current state of economic development, including the impact of AI. She emphasizes the importance of self-care and continuous learning in a demanding profession, offering valuable advice for newcomers to the field.

Takeaways

• Bethany's journey into economic development began with a suggestion from her advisor.
• She emphasizes the importance of humility and continuous learning in her career.
• Bethany's experience at Amazon involved bridging communication between the company and communities.
• Economic development is evolving rapidly, influenced by political and economic changes.
• AI has potential uses in economic development, but human expertise remains crucial.
• Networking and involvement in professional organizations can enhance career growth.
• Self-care is essential in a demanding career like economic development.
• Curiosity and asking questions are vital for professional development.
• Career transitions can be beneficial for gaining diverse experiences.
• Bethany encourages newcomers to embrace opportunities and serve their communities.

Summary

In this episode of Develop This!, Dennis Fraise interviews Clint O'Neill, the executive director of the Arkansas Economic Development Commission. They discuss the importance of economic development in small towns, highlighting success stories of major companies like Walmart, Tyson Foods, and Murphy USA. Clint shares insights on the role of the timber and agriculture industries in Arkansas's economy, the state's competitive advantages, and the importance of workforce development. The conversation emphasizes the need for strong relationships and community support in fostering economic growth and attracting new businesses.

Takeaways

Clint O'Neill leads the Arkansas Economic Development Commission.

Economic development is achievable in small towns.

Bentonville's growth is tied to Walmart's success.

Murphy USA provides free college for local students.

Arkansas is a leading rice producer in the US.

Strong relationships are key to economic development success.

Arkansas has a low cost of living and high quality of life.

Workforce development is crucial for future economic growth.

The timber industry is a significant economic driver in Arkansas.

Arkansas is experiencing population growth and economic success.

In this special episode, Joi Cuartero Austin of Main Street America sits down with colleagues Erik Reader and Jonathan Stone to reflect on their experience at the IEDC Rural Retreat in Great Falls, Montana. They discuss the power of data, the importance of people-powered revitalization, and how Main Street strategies are showing up in economic development conversations like never before. From hype teams and alleyway dance parties to building inventories and rural entrepreneurship, this conversation dives deep into what it means to breathe new life into rural communities—and how Main Street can lead the way.

Summary

In this episode of Develop This, Dennis Fraise is joined by Joe April with Convergent Nonprofit Solutions and Dr. John Rainone, President of Mountain Gateway Community College, to discuss the vital role of community colleges in workforce development. They share personal stories highlighting the transformative impact of community colleges, explore how these institutions are adopting entrepreneurial approaches to meet workforce needs, and discuss emerging trends in workforce development. The conversation also covers the importance of grants and public-private partnerships, the need for shared resources, and the challenges of collaboration among economic developers and educational institutions. The episode concludes with practical advice for economic developers on building relationships with community colleges.

Takeaways

• Community colleges significantly impact individual lives and workforce development.
• Personal stories highlight the transformative power of education.
• Entrepreneurial approaches are essential for community colleges to meet workforce needs.
• Emerging trends include a focus on virtual options and apprenticeships.
• Public-private partnerships are crucial for funding workforce initiatives.
• Shared resources among colleges can enhance program offerings.
• Collaboration can be challenging, but it is necessary for success.
• Economic developers should actively engage with community college leaders.
• Diversifying revenue streams is vital for sustainability.
• Community colleges are valuable partners in economic development