What I learned from my trip to Detroit

A little about me for context. I am from Detroit, Michigan. Born and raised in the city. My parents still live in Rosedale Park and will never leave. We can talk about the long-term equity store in their house later. All my life Detroit has been home. A place where family lives, holidays are enjoyed, friends can reconnect, and a humbling ground.

I moved away for college and never went back. Never have I been in a position where my hometown presented opportunities for my career and professional growth. In my last job in the city, I worked overnight shifts at Target while doing an unpaid internship with an indie record label. My job history is crazy behind LinkedIn.

This past week I had a business trip to my hometown and made the most of it. I took some relationships offline, met with the private wealth community, and reinforced some older friendships. But most importantly, I saw my hometown as a business opportunity. Even to this day, the city continues to surprise me and continues to participate in my development.

Here’s what I learned from being on the road in the motor city.

Don’t only pay attention to the negative headlines, things are bubbling here.

• The Detroit region's financial services industry has grown by 24% in the past five years, ranking it number one among major metropolitan areas and exceeding the national average. [Detroit Regional Partnership].
• Michigan's Gross Domestic Product (GDP) reached?$493.2 billion?in 2023, reflecting a significant?21.7% growth?over the past five years.
• "Currently, over 80% of our advisory teams in the Midwest engage and have clients in Detroit." - Goldman Sachs Midwest Head of Private Wealth. Goldman Sachs is reopening its Detroit location after closing it in the 1990s. This makes it the second-largest Midwest hub behind Chicago. Don’t sleep on the city, please. It's wide awake.
• As of 2023, nearly $3 billion worth of developments are underway?in downtown Detroit, with an additional 25 projects planned. This is important. I remember when Downtown was a barren wasteland after the 08 crisis. Now, it’s nicer than most other downtowns in the country.?
• Completed projects in 2023 alone represent over?$738 million?in total investment

Advisors are catering to the local market which includes the Automotive Industry.

When I met with advisors, I recognized that there was a correlation between the advisor and the target market. It was truly localized which gives local advisors a huge leg up on inbound national competition. A major category includes automotive executives because the Big Three are here but also the EV transition is creating other opportunities to know. Small business owners are a significant amount of those businesses that cater to the automotive industry via the supply chain.

A few things of note:

• Matching Grant Program:?Michigan launched a $125 million Battery and Advanced Manufacturing Challenge program. This offers matching grants to companies seeking federal funding for clean energy and infrastructure projects, specifically those related to EV battery production.
• Landing Big Investments:?Michigan has successfully attracted major investments from EV manufacturers. For instance, General Motors and LG Energy Solution are investing a combined $7 billion to build a new electric truck facility and convert a factory for EV battery production in the state

As of today, March 14, 2024, there are 29 Fortune 500 companies headquartered in Michigan.

Offline is Niche

Hybrid, offline, and remote. Pick your poison.

In a time where scheduling a Zoom call is easier and less expensive than a business trip, the handshake has become a rarity. Now, I'm pro hybrid work, but there's something to say about meeting someone in person.

Albert Mehrabian, a researcher of body language, who first broke down the components of a face-to-face conversation. He found that communication is 55% nonverbal,

Meeting people in person is just as good as it gets. Whether you're an advisor meeting a client in person or a wholesaler meeting an advisor, that engagement can't be replicated on the nicest screen.

You can truly have a conversation and explore each other's humanity.

What makes you tick? How did we get here? What's your favorite this or that?

When building a relationship, it's not as much an exchange of value but the natural discovery of how two people can connect. For some it's business, others it's fitness, etc. These items can't be told through a screen. We are social creatures and "presence" is a 4th dimension of that exercise.

I didn't know the above before this trip to the Motor City. I needed to get uncomfortable in a familiar place to see it as something new and it continues to teach me about myself. Detroit has always been a place of family, friends, love, and now; business.

Cheers

Deshawn

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Cheers!

?Sources

https://www.detroitregionalpartnership.com/drp-launches-financial-services-interactive-story-map/

?(Center for American Progress:?https://www.americanprogress.org/article/gm-ev-and-battery-investment-in-michigan/).

https://www.crainsdetroit.com/banking-finance/goldman-sachs-opens-new-detroit-office

https://downtowndetroit.org/news-insights/3-d-exploration-of-downtown-detroit-development/

https://www.constructiondive.com/news/detroit-construction-downtown-growth-recession-pandemic/698979/

https://www.michiganbusiness.org/news/2024/02/funding-for-battery-and-chip-manufacturers/#:~:text=The%20Battery%20and%20Advanced%20Manufacturing%20Challenge%20is%20a%20%24125%20million,in%20transformative%20projects%20to%20Michigan.

https://www.gordiehoweinternationalbridge.com/en/canada-and-the-united-states-celebrate-the-michigan-advance-construction-groundbreaking-for-the-gordie-howe-international-bridge