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About 500 people turned out for the CEO Forum organized by the university's Keith Busse School of Business and Entrepreneurial Leadership. Busse's talk covered two main themes: his advice for prospering in the leadership of a business and his perspective on the causes of the recession.
Busse said he expects this recession to destroy more businesses and produce more unemployment than any economic crisis since the Great Depression. He cited several causes:
--High energy prices and a reliance on foreign energy sources -- which could have been avoided if the United States had built up its nuclear-power generating capacity more
--Governmental pressure on lenders to lend money to less financially able homebuyers
--Bailout legislation that rescues poorly managed businesses while giving government greater control
--Nearly $1 trillion in stimulus spending, which Busse fears will contribute to hyperinflation.
"We can't spend our way out of a recession/depression without creating massive problems for our children," Busse said.
However, Busse, the CEO, chairman and president of SDI, cited his own life as evidence that adversity and obstacles can lead to new opportunities. He said that when he was in high school, he wanted to become a mechanical engineer, but he didn't have the financial means. Instead, he got an associate's degree in accounting, then earned bachelor's and master's degrees from Saint Francis and Indiana University -- all while raising four children and working 50 hours a week.
In 1993, when Busse and two colleagues at Nucor set out to found SDI, few believed they would be able to raise $400 million necessary to build a steel plant. Sixteen years later, SDI is the fifth-largest carbon-steel company in the country.
Busse offered several bits of advice for current -- and aspiring -- executives at the forum, including:
--Create the right employee culture; sometimes that means acknowledging that the biggest sacrifices need to come from the top.
--"Manage your balance sheet over your income statements. Cash is king when you're trying to survive."
--Communicate openly with your employees. "If your employees are truly members of the team, what is there to hide?" he asked.
The CEO forum, devoted to the theme "Doing the right thing in difficult times," also included an address by Allen County Prosecutor Karen Richards and a panel discussion moderated by Pete Eshelman, the co-founder and former chief executive officer of American Specialty Insurance & Risk Services. Panelists on the agenda were: Kathy Carrier, president and CEO, Briljent; Brian Emerick, president and CEO, Micropulse; Michael Himes, president and CEO, Petroleum Traders; Matt Kelly, owner and creative director, One Lucky Guitar; Helen Murray, president, Indiana Michigan Power; Eugene Parker, CEO, Maximum Sports Management; Joe Ruffolo, partner, Ruffolo Benson and former CEO of North American Van Lines; Carol Shuttleworth, president and CEO, Shuttleworth; Marilyn Moran-Townsend, CEO of CVC Communications.
To see more of The News-Sentinel, or to subscribe to the newspaper, go to http://www.FortWayne.com. Copyright (c) 2009, The News-Sentinel, Fort Wayne, Ind. Distributed by McClatchy-Tribune Information Services. For reprints, email tmsreprints@permissionsgroup.com, call 800-374-7985 or 847-635-6550, send a fax to 847-635-6968, or write to The Permissions Group Inc., 1247 Milwaukee Ave., Suite 303, Glenview, IL 60025, USA.
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