Lesson 16: Patience
My career coach asked me, “Where do you see yourself in 10 years?” I said that I will be leading a private equity firm that invests in businesses to create jobs people love. Think Investopedia’s definition of private equity – investment partnerships that buy and manage companies before selling them. My firm would foster innovation and prioritize employee well-being, creating a ripple effect for thousands of employees and even more customers. My long-term vision of this firm requires patience, but I can already see how people will thrive if we invest in them.
This week, I learned about the power of patience when I spoke with Dorothy Franzoni about her work as an attorney. Before retiring, she was partner at Eversheds Sutherland and Chair of their Renewable Energy Team, with a practice focusing on commercial, project development and financing transactions in the electric industry. Many of her clients were electric membership cooperatives, which are not-for-profit utilities that provide electricity to communities around the country. Energy generation projects can take decades to complete with the joint effort of multiple organizations and even municipalities, and Dorothy led deals for renewable energy projects.
One of these projects involved constructing two new nuclear plants at Alvin W. Vogtle Electric Generating Plant, which would offer millions of Georgia residents clean energy for decades to come. The plan came together in 2005, and construction did not begin until 2009. The COVID-19 pandemic further delayed the project, which was originally planned for completion by 2015, but the final new unit did not begin operating until April of 2024. Dorothy’s patience and leadership enabled the team to finish what they started. She said that other states will look at this project and see it as an example for creating clean energy. That is the power of patience, not only for yourself but also as an example for others.
Today, I am working toward acquiring my first company in skilled trade, but patience will allow me to gain the necessary experience and resources to invest in more businesses to build an innovative private equity firm.
My vision is to leverage my influence as a Black business leader to pursue economic justice. Whether investing in trade schools or nuclear power plants, I want to create jobs where people want to stay for their career. This not only creates long-term earning power for employees, but also creates a competitive advantage for businesses that can worry less about turnover and more about the customer. This vision takes patience, but the outcome will be worthwhile.
Patience is Lesson 16. Next week, I will share Lesson 17: Change.
Note: Dorothy Franzoni is not only an accomplished attorney, but also a long-time family friend. I first met her son, Carlo, in elementary school and we have been friends ever since.
