Each year, the Corridor Business Journal shines a spotlight on young professionals who have made a meaningful impact on the region early in their careers. We are proud to introduce you to the 20th class of Forty Under 40 honorees, chosen by a committee of past honorees. Eric Schmitt President | Rapids & Affiliates Age: […]
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Eric Schmitt
President | Rapids & Affiliates
Age: 39
Family: Wife, Stacey; daughter, Aurelia; sons, Charles and Theodore
Residence: Cedar Rapids, Iowa
Hometown: Cedar Rapids, Iowa
Education: University of St. Thomas,
St. Paul, Minnesota — Bachelor of Arts in Finance
What do you consider your “big break” in your career, so far? A business peer that I met early in my career became a mentor to me early on, in my job at Honeywell. Through my conversations with him and discussing my hopes for my career, he kept an eye out for me for several years and helped connect me to someone in his network that I would not have met without him. The opportunity he helped generate led me to join a small oil and gas company as a Director of Finance. This role offered me a chance to learn critical lessons in business and in life. It afforded me the chance to lead a team, develop new processes, launch a new ERP system, and generate the capital for me to be able to become an owner of my own business. Without my good friend having taken the time to connect me to his network and help support me as I considered my first career transition, I am certain I would not be where I am today.
What’s the biggest issue facing the Corridor, and why? Succession planning. Many small businesses every year face a critical issue on who will succeed the existing owners. Far too often, the process of succession planning is not started until it is too late, leaving the existing owner with few viable options to capitalize on their investment in their business. When that happens, many seek private equity to maximize their sale. While this helps the exiting owner, many times it leaves the business with ownership that is not local and not focused on long-term growth and health in our region. Creating greater awareness about what this planning process should look like may help create higher levels of local ownership and keep the small- to medium-sized business community strong and viable, creating wealth building opportunities for more individuals in our region.
