Compendium of Successful Practices, Strategies, and Resources in the U.S. DOT Disadvantaged Business Enterprise Program (2019) / Chapter Skim
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Pages 38-54
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From page 38... ...
38 The research team identified keys to success for companies that state DOTs identified as successful DBEs. Results are based on the analyses reported in Chapters 2 and 3 as well as on interviews with successful DBEs, state DOTs, and trade associations performed in this research.
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From page 39... ...
Keys to DBE Success 39 • The Hispanic American male owner of a professional services firm who reported that before he started his own company, he "worked for a consulting firm for 24 years and worked [his] way up to the executive team." • The white female owner of a graduated specialty contracting firm who had prior related experience before starting her firm.
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From page 40... ...
40 Compendium of Successful Practices, Strategies, and Resources in the U.S. DOT Disadvantaged Business Enterprise Program Owners who had purchased their firms included a woman who bought her firm with a $40 down payment, an African American man who purchased his construction business from a competitor, and an owner who worked under the founding owner until taking the business over after his death.
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From page 41... ...
Keys to DBE Success 41 He said that "overcoming the financing at the beginning" was the most challenging moment for his company. In sum, owners of successful DBEs reported the same challenges and solutions to finding money to start their firms as other DBE business owners based on information in the state DOT disparity studies examined as part of the research team's research (noted in Appendix C)
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From page 42... ...
42 Compendium of Successful Practices, Strategies, and Resources in the U.S. DOT Disadvantaged Business Enterprise Program Some owners of successful DBEs described how they plowed profits back into the company and self-financed almost all of their growth (only used loans for vehicles)
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From page 43... ...
Keys to DBE Success 43 described surviving these hard times in terms of what they could afford to eat: "only put ramen on the table" for an owner of a now-graduated DBE, and "rice and beans" for another successful business owner. Many owners of successful DBEs survived hardship at some point in their firms' development, and a number of interviewees had once feared their businesses would fail.
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From page 44... ...
44 Compendium of Successful Practices, Strategies, and Resources in the U.S. DOT Disadvantaged Business Enterprise Program • A representative of a trade association said that "quality work performed, reliability, pricing, and management" are factors that determine business success.
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From page 45... ...
Keys to DBE Success 45 • Regarding future challenges, a white female owner of a specialty contracting firm stated, "Finding qualified help .
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From page 46... ...
46 Compendium of Successful Practices, Strategies, and Resources in the U.S. DOT Disadvantaged Business Enterprise Program • The African American female owner of a professional services firm who said she has taken classes on "transitioning into retirement." One owner of a successful DBE recommended that the personal net worth cap be raised to adjust for inflation, in part, so that owners can save money for retirement.
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From page 47... ...
Keys to DBE Success 47 company serves four states. However, other DBEs had a narrow geographic focus and were successful with that approach.
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From page 48... ...
48 Compendium of Successful Practices, Strategies, and Resources in the U.S. DOT Disadvantaged Business Enterprise Program training contributed to the success of the firm and/or would be helpful in the future.
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From page 49... ...
Keys to DBE Success 49 About one-third of respondents from successful DBEs indicated that classes or training on company websites, preparing bids and proposals, other company marketing, or insurance would be helpful in the future. For each type of assistance that was asked about in the survey, the research team compared the responses of successful DBEs to the responses of state DOTs.
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From page 50... ...
50 Compendium of Successful Practices, Strategies, and Resources in the U.S. DOT Disadvantaged Business Enterprise Program In contrast, some owners of successful DBEs were critical of technical assistance delivered through other organizations, such as Service Corps of Retired Executives (SCORE)
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From page 51... ...
Keys to DBE Success 51 Dissemination of the DBE Directory About one-third of successful DBEs thought dissemination of the DBE directory would be helpful to them in the future. Four percent of respondents listed the DBE directory as very important to their success.
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From page 52... ...
52 Compendium of Successful Practices, Strategies, and Resources in the U.S. DOT Disadvantaged Business Enterprise Program • The African American business owner who said, "The program .
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From page 53... ...
Keys to DBE Success 53 larger firms. A Hispanic American owner commented that "everything at the DOT is set for larger firms," making it difficult for him to plan for growth.
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From page 54... ...
54 Compendium of Successful Practices, Strategies, and Resources in the U.S. DOT Disadvantaged Business Enterprise Program • Another business owner said, "I don't think my clients want me to outgrow [the DBE program]
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