Lesson 15: Diligence
No one could question the diligence of my grandfather, Glynn Walker. Granny told me, “After the military, Glynn got a job as a baccarat dealer in Las Vegas … By the end of his career, he was managing the baccarat pit at Caesar’s Palace.” My grandfather was a diligent person whose careful persistence and effort are legendary in my family.
When I think of diligence, I think of Glynn Walker, but I also think of “due diligence,” the careful investigation of a target company for a potential buyer. In 2020, I started working in finance and my chief responsibility at work has been diving into the finances, operations, and general industry research of different companies. My goal was to collect enough information to help my manager make an informed decision before investing in that company.
To prepare myself for acquiring a business after business school, I need to transition from supporting the due diligence process to leading it. Therefore, I picked an example target company for which I could ask myself: What would I want to know before acquiring this business? There is no need to wait until I graduate to begin thinking like an investor; I want to start now.
The company I picked is The Islander Group. I learned they are a distribution company that transports products across the Pacific to stores like Whole Foods, Target, and Ross. My 1-page overview includes industry research, risks and mitigants, and value drivers I would consider as an investor. This exercise taught me not only about this company but also about how much diligence this work requires. I look forward to further strengthening this muscle over the next two years.
My mission is to increase representation of Black leaders at the executive, investor, and board level. Acquiring a business moves me closer to this mission, and by the time I graduate with my MBA I will have acquired my first business through the diligent effort and persistence of analyzing companies as if I were leading them. My grandfather worked with diligence, and I see myself doing the same because I have found a real passion for this work. While I am constantly expanding my knowledge, I am taking steps to prepare for leadership.
Diligence is Lesson 15. Next week, I will share Lesson 16: Patience.
Note: I picked The Islander Group because they are based in Hawaii, and my family spent this week in Kauai to celebrate Granny’s birthday. Last time she was in Hawaii was over 40 years ago with her husband, and this time she is here with her children and grandchildren, 14 people altogether.
