South Florida CEOs reveal the biggest business risks they’ve ever taken
This week’s question: What is the biggest business risk you’ve ever taken, and how did it turn out?
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To start my own business. It was the best decision I’ve ever taken.
Daniel Ades, managing partner, Kawa Capital Management
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At the height of the dot-com crash in 2001, I and my partners decided to buy back our firm from a global conglomerate in order to build a national agency with a culture that put clients first. Fourteen years and four national U.S. Agency of the year titles later, rbb has become the champion of breakout brands like DHL Express, Hilton, Thomson Reuters and Bank of America.
Christine Barney, CEO, RBB Communications
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The biggest business risk I ever took was forming my children's wear company. Though I was fortunate to be able to start my business at what was at the time my father's woman's wear manufacturing location, with the setup already there, I still needed to make a big investment in fabric, machinery, patterns and other things before I made my first production. Though nothing was assured, I was so determined to make this company successful. Twenty-six years later, it's the best investment I ever made.
Richard Behar, Founder and CEO, Capitol Clothing Corp.
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Open my first international office (London) the same week that 9/11 happened. It actually turned out to be a very good decision. A bit bumpy at the beginning but now is a great return on investment.
Carmen Castillo, president and CEO, SDI International
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Looking back, the biggest risk was deciding to double the size of Cervera Real Estate. In 2008 or 2009, when everyone around us seemed to be contracting, we were committed to trying to be part of the solution by maintaining all of our staff and not adding to unemployment in the country. We believed in Miami, we believed in our team, and as always, we believe that when you do the right thing, the right thing happens. As it turned out, it was the perfect thing to do. We were able to maintain all of our talent and were ready when the market turned to embrace the opportunity immediately. It gave us an enormous competitive edge.
Alicia Cervera Lamadrid, managing partner, Cervera Real Estate
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The biggest business risk I ever took was leaving schooling to develop EcoTech Visions, my current venture. I had a safe and established trajectory as a school developer, however, I realized schools will never work unless economic opportunities exists in every community and a thriving Middle America is re-imaged. I shifted for a social service solution to a market-based solution, and that has made all the difference in my life and those around me. The story is still being written, but I believe green jobs are the way to a better future for Miamians, Americans and the world..
Pandwe Gibson, executive director, EcoTech Visions
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We took on a project to recruit over 450 new employees for a startup business that required screening over 10,000 candidates to find 5,000 candidates to interview in order to actually hire 450 that met all of the hiring criteria. It was a huge success, but the task appeared very daunting as we assumed the entire role of recruiting, background screening, documenting the entire personnel file, training and terminating any unsuccessful candidates.
Ann Machado, founder and president, Creative Staffing
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Investing in HEICO before we took it over — the company was in high-speed reverse, we had no experience in its industry, and most people we knew told us we were nuts. The doubters just made me more committed to proving them wrong.
Victor Mendelson, co-president, HEICO
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Leaving Goldman Sachs to start Miami Worldcenter Associates was my biggest risk. I’m excited about the progress we have made and look forward to Miami Worldcenter’s future in transforming Miami.
Nitin Motwani, managing principal, Miami Worldcenter Associates
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My biggest business risk was opening Sushi Maki. I had just closed my first concept, Wrapido (a gourmet burrito restaurant) and real estate obligations were still ongoing. I signed my name to a personal guarantee and was newly married. It was definitely a stressful time with my back against the wall, but my wife and family supported me all the way. I’ve had my share of rough spots, but it’s looking like that risk paid off; today we’ve got 18 units and we’re continuing to grow with an amazing team. I feel very blessed.
Abe Ng, founder and CEO of Sushi Maki
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I left a high-paying job as a corporate lawyer on Wall Street to do the unknown. Things seem to be working out.
Todd Oretsky, co-founder, Pipeline Brickell
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The biggest business risk I have ever taken is turning down a good, high-paying job with DuPont over four decades ago upon completing my doctorate for a teaching job at Miami Dade College at the urging of some of my professors I had just contacted to share the news about the corporate position. I never left the college. It’s the best decision I ever made and put me in the most rewarding job in the world, changing lives through education.
Eduardo Padrón, president, Miami Dade College
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When I joined EarlyShares as CEO in 2013, I took the helm of a very young startup in a brand-new industry. Two short years and a few pivots later, we’re not just another “equity crowdfunding” company —we’re a recognized leader in our rapidly growing sector of online Commercial Real Estate capital raising and investing. It has been immensely challenging to lead EarlyShares to where it is today, but it’s also been incredibly rewarding, and we're still just getting started. I wouldn’t have had it any other way!
Joanna Schwartz, CEO and co-founder, EarlyShares
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Deciding to compete with national firms in our niche markets; it’s been a fantastic voyage!
Darryl K. Sharpton, president and CEO, The Sharpton Group
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Entrepreneurship goes hand-in-hand with risk. Like many of our clients, we know progress and innovation begins with the right mindset — the unexpected must be expected. It requires an acceptance of disruption and a willingness to be more open to change. Our biggest business risk is taking place right now as we adapt our law firm to the changing needs of our clients and the market. This effort is best represented by the launch of Akerman's R&D Council last year, the first venture of its kind by any law firm in the United States. It is unique in that we have given our clients a seat at the table and embarked on a collaborative venture with our clients to overcome barriers to innovation and growth.
Andrew Smulian, chairman and CEO, Akerman LLP
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I would say that the biggest business risk I have undertaken was coming to Miami and taking on this big museum project before it was really underway. It’s certainly the most challenging project I’ve ever undertaken and took longer than I had imagined to get steam behind it. It’s a great public private partnership, so you could say the whole community took the risk. How did it turn out? Well, we’ll have to wait and see but looking good so far!
Gillian Thomas, president and CEO, Patricia and Phillip Frost Museum of Science
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Moving to South Florida from San Antonio, Texas, where I had the privilege of serving at one of the most successful food banks in the country, to take over an organization that had little to no chance of succeeding was a huge risk. After three years, we’re stronger than we’ve ever been and have our sights on a stronger future where we’ve helped improve the stability of families and transition people from a place of dependency to self-sufficiency. With help from our community, we can definitely end hunger and break the cycle of food insecurity and poverty.
Paco Velez, CEO, Feeding South Florida
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My biggest risk came with taking on our company’s largest order to date, for Oprah’s “The Life You Want” weekend tour. It was a risk because we’d never fulfilled that size of an order before, let alone in the time frame we were given. It paid off times 10 from both a business and a personal perspective so in that instance, our risk-reward assessment was on point. Not only did we ship the order on time but I represented our company on the road for several tour dates and built relationships that will last a lifetime with truly amazing people on personal and professional levels.
Alina Villasante, founder, Peace Love World clothing
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The biggest risk I've ever taken was leaving a stable, six-figure salary career to launch a startup. Was it worth it? Let's just say I've never received single checks in the amounts that I have running my own company.
Marlon Williams, founder and CEO, Fenero
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Deciding to specialize in commercial interiors versus taking every job that we came across. As natural competitors, it was tough when we had to turn down a job that was basically handed to us. But by being patient and establishing our own niche, we’ve been able to grow steadily, become better at what we do and ultimately find more success.
John Wood, president, Amicon Construction
This story was originally published August 9, 2015 at 3:00 PM with the headline "South Florida CEOs reveal the biggest business risks they’ve ever taken."