The above announcement appeared on page 2B of the morning's Standard-Examiner.
Being the curious type, I clicked the Grow Utah Ventures website around 9:15 a.m., clicked through various pages, and managed to find the phone number of Alan Hall, the driving force behind the venture.
Unlike most "top dogs" in other venture capitalist companies, and much to my surprise, Mr. Hall answered my call HIMSELF.
No, Alan Hall doesn't "screen" his phone calls. At least he didn't this morning. Take it from me. If you've ever phoned venture capitalist firms you'll know -- CEOs usually don't take their own calls. There's usually a hierarchy of flunkies to plow through until you get to talk on the phone with "Mr. Big." Mr. Hall is the refreshing exception.
To make a long story short, Mr. Hall had about two minutes to talk to me. He was on his way to this morning's "ribbon cutting," he said. He was pressed for time, so we made the conversation short. The upshot? There was a 10:00 a.m. ribbon-cutting ceremony this morning at the olde Ogden Greyhound Bus Depot site -- and I was invited.
You'd better believe I "beat feet" to be down there. I even put an incipient "Ogden Good Landlord" article on hold.
Here's what I learned from attending the event:
Alan Hall has put together a brilliant plan that he calls an "entrepreneurial/business incubator." It really is quite exceptional.
Here's what Grow Utah Ventures does:
- Systematically screens and identifies successfully-likely and talented entrepreneurs from a wide range of candidates
- Provides the best of these "seed money," in the form of a substantial "investment." (What Grow Utah Ventures does is provide venture capital to business "startups," in exchange for a 1/3 share of the new companies.)
- Provides these select new companies non-fee-based (free) "mentoring and coaching."
- "Places" these companies in "startup" offices, such as the olde Greyhound Depot on 25th Street. (The space will be partitioned -- and there will be a common conference room.)
- Maintains and recruits a private "investor pool," to finance "projects" as they arise.
I'm going to give Mr. Hall a hearty "tip of the hat" for this venture. It's a big, labor-intensive project he's chosen for himself. I normally look at "so-called" benevolent projects with a jaded eye, but I think there's more than a little genuine benevolence in Mr. Hall's current project.
And here's the other upshot! The profits of Grow Utah Ventures will be "recycled" into further Grow Utah Ventures projects, for the time-being at least. Alan Hall will NOT take profits, even for his own benefit, at least so long as the project keeps running, I would assume.
Kinda reminds me of Weber County Forum. I'll take profits later -- MUCH later.
I've been screaming my lungs out here on Weber County Forum about the need for leadership from the private sector. Mr. Hall has duly stepped up to the plate. Unlike Larry Miller and others, he's purchased the Greyhound Depot building NOW, rather than waiting to see how things "shake-out" later.
Mr. Hall deserves MORE than a "hat-tip," I think.
What say you about Alan Hall's "business incubator?"
I give it a hearty "thumbs up."
Comments, anyone?
14 comments:
Rudi,
Alan is a remarkably approachable person, especially when you consider how much he is involved in. He has bitten off a big chunk with Grow Utah Ventures, but his distinguished track record seems to indicate he will be successful yet again. He founded and built MarketStar Corporation into a multi-million dollar business with a client list that includes some of the world’s most admired brands. Today, the company provides hundreds of good jobs in the heart of downtown Ogden. Let’s hope these new opportunities will generate similar results.
What? Free enterprise in Ogden in the age of the Godfeyites? Yikes, what will they think of next?
How did the lord mayor let such an outrage happen?
Every one knows there are no good ideas or deals that do not eminate from the ninth floor and the flacid brains of the Godfreyite lame brain trust.
My hat is off to this guy and his new enterprise. I hope it works great for him and those budding biz folks that he helps get started.
Is Hall politically oriented? If he is, I know of a nice little mayor job that is going to be vacant in two years!
Unfortunately, Alan does not live in Ogden. I believe he lives in Roy. But that doesn't stop him from being involved in civic responsibilities in our community, whether it be working with the alumni association at WSU or funding local health clinics. He's a business leader who understands what it means to be a good "Corporate Citizen."
If memory serves me correct, isn't this the same Allan Hall of Marketstar who did the Union Square marketing that sole 2 condos?
Could be wrong, but this name rings a bell....
"If memory serves me correct, isn't this the same Allan Hall of Marketstar who did the Union Square marketing that sole 2 condos?"
Alan Hall IS Marketstar, I believe.
So what's this about unsold condos?
Tell us MORE, EC.
Weber County Forun is all about information, after all...
Once again, Rudi, you have out-reported the Standard. I don't believe they ever noted that Alan Hall actually BOUGHT the Greyhound Station. Well, good for him. I had wished that retail (remember the vaunted discount furniture store Dirt Cheap that was going in there?) or a great restaurant would dazzle us from inside that Art Deco marvel, but this is going to be good for the Street and for Ogden in its own sweet way.
Here's the article the Standard did on it:
The record setting "Guest Commentary" of last Summer by Realtor on Deck that dealt with the Union Square residential condos....only 2 of 14 had been sold at that time and one of those was up for sale by the owner who was cashing in his chips and bailing out due to "inactivity." Somewhere in all of the posts it was mentioned that Ogden City's market guy was planning a "word of mouth" campaign, not a well conceived mkting strategy I suggest, and for some reason the name "Hall" jumped out at me. Probably not the same guy. No news here regarding "unsold" condos; just idle curiosity.
I believe it may be David Hall that you're thinking of, EC.
He's the "white knight" who swooped in to take out the Bank and the city's Union Square positions, on the eve of the bank's foreclosure last spring.
All the principals are in Chapter 11 now, but it's my understanding David Hall has the authority to continue marketing the un-sold condos, under an agreement with the bankruptcy trustee.
Speaking of the wonderfully successful Union Station project, does any one know what the status is these days?
I went by there Saturday night and the place seemed very deserted and spooky. In fact the whole two blocks of 25th street was the same. The entire area was as empty as Godfrey's skull.
And just think, this is only one of the dynamic duo of Godfrey & Reid's many success stories!
Also, does anyone know for sure if this new project of Hall's is completely free of city involvement? Heard through the grapevine that the little twerp was somehow taking credit for the deal.
Mr. Charles: I have finally put my money where my mouth is and plunked down earnest money on a Union Square condo two days before Thanksgiving.
According to Alan Steed, who is now agenting the condos for David Allen, only two of the condos over the retail stores on 25th St. itself remain unsold. A few of the townhomes behind the retail facade have sold, but only the ones nearest 25th. Apparently all prospective buyers have the same reaction: the townhomes are nice but you could have the courtyard view in any contemporary development. They seem to crave the view of the street itself. I know I do. This is only anecdotal, of course, but my sense is that the foot traffic and activity on the street last week was the strongest I've seen in years, despite the holiday.
The reason I took the plunge is that I was told Ogden City is now giving grants that cover the down payment, regardless of income level. (We'll see if that is actually true.) It seemed too good a deal to pass up. I am convinced that once light rail comes to town, people will kick themselves for not snapping up these units.
By the way, there is good news on light rail that the papers haven't caught yet. We know, of course, that Congress authorized our $20 billion program last summer, but they must also fund it. The funding agreement, which releases an initial outlay of $9 billion, has cleared the House and Senate and awaits the president's signature. Since no veto has been threatened, it's in the bag.
Moroni, you got it....Alan Steed. He's the guy I was thinkng about. One of those mental blocks with the "Alan" being the flicker of recognition.
Rudi, it's David Allen, not David Hall, whose the Provo Kid and Alan Steed whose the "word of mouth" marketing guru.
I feel oh-so much better!
Now, it's off to the New Year and the upcoming Mayor's race. What with the new look City Council and the Mayor's seat up for grabs in 2 years, things might just start popping right after the Swearing-in Ceremony. Ya think?
P.S. Just realized, Moroni, that you're a Union Square condo buyer. I've been wondering myself if, now that the Rec Center is on, if maybe downtown investment is ripe. I like your panache....
Historically, the Thanksgiving holiday time has always been a very vibrant downtown holiday, one of the year's most well attended "coming home" holidays. I recall from my bar days, and I can safely say I stood in line behind nobody therein, that Thanksgiving drew 'em home from far and wide and everyone packed the clubs and streets. Damn good holiday. Loaded with people.
It's good to hear your report....maybe we're getting up and running again. Think I'll check me out a bachelor pad on 2-bit myself.
Good on ya, Moroni.
EC: it'll be good to nod to you at Union Square, mornings, while you're walking your pooch and re-caffeinating at Grounds for Coffee.
To all Forum readers: I apologize for being way off on my figures on light rail yesterday -- way too many zeroes. The Congressionally authorized figure for the entire duration of the light rail construction project is $200 million. The appropriated figure for Fiscal Year '06 is $9 million.
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