If you lived in Washington State, the big news has not been about Ukraine, the pandemic, or inflation. The big news has been about the relocation of a million-dollar brand. No, Boeing is not relocating to another state. Instead, people in Washington have been mourning the loss of their revered Seahawk quarterback, Russell Wilson. No, he did not pass away (couldn’t resist that pun). But he will leave a giant hole in Seattle sports and its economy that is big enough to run through.
It seemed like only yesterday that Washington attracted this Wisconsin superstar.
Seahawks: We will give you $750,000 if you move to Seattle and play football for us.
Wilson: Wow, what a deal. I love this city and I love this moment. I want to be a Seahawk for life!!!
For those of you who do not follow the sport or understand my weak puns, the Seattle Seahawks traded their $35 million superstar and Ciara’s favorite football player to the Denver Broncos. Now I don’t take sides when it comes to disagreements between billionaires and millionaires.
But the loss of Russell Wilson was not just the loss of an individual but also the loss of an entrepreneur, investor, and philanthropist for the region. Economic developers can relate to this. They attract some and lose some. They are in the business of targeting companies to relocate to their area and offering incentives that will keep them in a place for life. In economic development, landing a company from another state is like winning the Super Bowl. Coming in second to winning a company makes you the first-place loser.
Wilson felt management wasn’t doing all it could to max out his prime years, and he became frustrated, disappointed, discontented, and unhappy with playing for the Seahawks. These are probably the exact feelings that many businesses feel before they make the decision to explore other options.
Paul Simon made millions when he wrote the song “50 Ways to Lose Your Lover”. Washington will probably lose millions as Wilson makes his future investments, businesses, and philanthropy in his new home. We may never know what could have been done to retain him in Seattle. Every team and community have their own set of issues. But as economic developers, we do know reasons why a business decides to leave, as I share with you my little ditty, “50 Ways to Leave Your Community”:
-
Ignored the biz, Liz
-
Raised the tax, Max
-
Wrote a bad reg, Meg
-
Needed more space, Grace
-
Limited talent pool, Jewell
-
Cost of living high, Guy
-
Supply chain broken, Logan
-
Can make more money, Honey
-
Dearth of trained labor, Kramer
-
Regulations too complex, Rex
-
Cities have less appeal, Neal
-
Downtowns are dead, Fred
-
Location matters less, Wes
-
Poor political climate, Wyatt
-
Inadequate childcare, Pierre
-
Shortage of cultural art, Bart
-
Too much crime, Einstein
This song may not be a hit among music lovers, but economic developers can appreciate the effort it takes to retain a business. It is why it is important to make sure a community’s business retention program reaches out to its businesses regularly and invests in solving their concerns before they “engage in discussions” with the competition.
If economic developers want to minimize the loss of quality businesses, here are 20 ideas/plays that will help dismiss any notion of businesses leaving:
- Treat businesses with respect and schedule regular formal visits.
- Celebrate business milestones.
- Coordinate CEO business forums to discuss common issues.
- Write personal notes to businesses thanking them for being a part of the community.
- Assist in efforts to promote businesses in social media.
- Create a low-interest loan fund for small businesses that want to expand.
- Pay attention to number 5.
- Made you look that there is no number 5.
- Prepare businesses for any future disaster-related changes.
- Educate employers on succession programs.
- Research regional supply chain opportunities for existing businesses.
- Establish buy-local initiatives promoting local artisans’ products.
- Provide grants to upgrade technology.
- Encourage worker flexibility.
- Support apprenticeships, internships, and mentor programs.
- Bring business, labor, and community colleges together to close the training gap.
- Produce a list of hidden gems in the community and promote them internally and externally.
- Enlist small businesses and librarians to sit as board members.
- Never shortchange the talent and importance of rural communities and their citizens.
In the movie Castaway, for those of you who do not get the cartoon reference, Tom Hanks crashes on a desert island. Following several failed attempts to get off the island, he lets out his frustration by “tossing objects around from FedEx packages, including a Wilson Sporting Goods volleyball”. Hanks draws a face on the ball, calls it Wilson, and for the next four years, the ball becomes his inanimate companion. (SPOILER ALERT!!!) After 4 years of friendship and camaraderie, the ball gets lost in the ocean. Was Tom Hanks sending Washington a message?
Football players will continue to be attracted to relocate to other teams. But communities that have a comprehensive business retention program that focuses on business satisfaction is the most effective game plan a community can have.
Super Bowls are a once-in-a-lifetime accomplishment. But a good business retention strategy will be a Super Bowl for life.
