Sarah313’s Weblog

David Bing, a former Detroit Piston came to our class Thursday September 20, 2007. Bing is originally from Washington D.C., went to Syracuse University starting in 1962, and played professional basketball from 1966-1978.

In 1966, he made $15,000 in the NBA. A graduate of Economics and Marketing from Syracuse, David Bing productively used his time in the off season to work in finance and learn the steel industry. After he retired from basketball, Bing started his own company in Detroit called The Bing Group (http://www.binggroup.com) which is a supplier of metal stamping for the auto industry. His three daughters currently help him run the business.

David Bing has a “let’s get done” attitude when doing business in Detroit. The summer of his Rookie year being a Piston, he experienced the riots in 1967. He said after that he knew he needed to make Detroit home and be part of the revitalization. Bing has stayed with his word and continues to do business in the city of Detroit.

David Bing is just as successful as an entrepreneur as he was on the basketball court. His genuine attitude shows through his way of doing business and giving back to the community. He is responsible for building 40 new homes in a neighborhood adjacent to his plant and is building a $60 million 112-unit luxury condominium development with some local heavy hitters, such as Roger Penske and Joe Dumars. The Watermark Development will be located on Detroit’s East Riverfront.

John Ferchill with the Ferchill Group, a Cleveland real estate developer is going to bring over 400 employees to the city of Detroit starting in the Fall of 2008. The group bought Detroit’s legendary hotel the Book Cadillac in 2006. The 33-story luxury hotel hasn’t been open in over 2o years. There were will be 60 condos, and a Westin Hotel added to this historical renovation. “Everybody’s got a story about the Book,” said John Ferchill, the Cleveland-based developer behind the renovation. “I think that’s probably our No. 1 marketing tool.”

The day the Detroit Tigers were going to the World Series last year, the Ferchill Group put the Book-Cadillac condos on the market., which were marketed as real estate on top of the Westin Hotel. The 60 condos were forcasted to be sold in 3 years. The developer sold 40 condos in four hours the day they went on the market, earning the Ferchill Group $22 million. Prices have ranged from $279,500 to $1,375,000. The renovation will include recreating the Grand Ballroom and the Italian Garden.

The Ferchill group has the niche of developing in the rust belt of the Midwest. John Ferchill followed cities who recently constructed new baseball parks, such as Cleveland and Detroit. He has seen results of sold out hotels, when of course the home team is winning. Ferchill had also developed Detroit’s Hilton Garden Inn, which opened in 2004. Ferchill has over 75 projects costing over $1.5 billion with the track record of only one project failing.

Bizdom U had the opportunity to listen to John Ferchill last week. He has the business attitude of a solid rock and nothing will get in his way. It is impressive to know how much success he has had with only nine employees. His success of work in the Rust Belt shows that the Blue Collar market is still vibrantly alive. He has found his niche in the real estate business, and won’t stop there. The urban cities are where he would like to stay, mixed retail maybe the next thing coming for Ferchill. Being an entrepreneur he has seen the window of opportunity here in Detroit.

References:

The USA Today: Developer unveils revival of shuttered Detroit landmark hotel, November 11, 2005.

Good Morning!!

I am starting to prepare for my first day being an “entrepreneur” at Bizdom U. The excitement and anxiousness has been building inside of me these last few weeks waiting to meet the others who were accepted into this once in a life time experience.

These are going to be some challenging times. In the next two years I will be completing the Bizdom U program full time, and also completing my undergrad part time at Wayne State University. Let’s just say I will be learning to meditate so I can be relaxed through the stressful times.

The best advice I have heard living here in the “D” and I have to continuously remind myself …and now I would like to pass this off to my new “co-entrepreneurs…”

“If you can’t make it here…you can’t make it anywhere.”

Just in case…New York said, “If you can make it here, you can make it anywhere.” Sorry folks they are two different sayings… completely different!

The salt on the road makes us “rusty” around our edges and it takes a strong soul to understand “Detroit time.”

Welcome to the city with “Spirit.”

Once you get it you will never want to leave.