Delaware Nation Economic Development Authority (DNEDA) is an organization that promotes the economic prosperity of the Delaware Nation, one of three federally recognized tribes in the United States. Based in Oklahoma, DNEDA offers a wide range of business growth strategy services for businesses in the Delaware Nation. DNEDA has been successful in promoting companies that provide services to the U.S. Government such as Delaware National Institute (DNI), providing IT services to the Department of Defense handling issues including cybersecurity.
DNEDA has a board of directors that is responsible for developing the vision and strategic business planning to expand the business with a goal to hit a billion dollars in revenue in the next 10 years. Led by the chairman of the board, Frank Keechi, DNEDA formed a Growth Committee, consisting of board members and outside advisors, to devise a strategic business plan to reach the revenue goals. Keechi’s next step was to find the right advisor for the committee.
DNEDA was seeking an advisor who had expertise in business growth, specifically in the minority-owned business sector, to help put together a strategic business plan for a prosperous future. Keechi, a member of AdvisoryCloud since 2017, knew AdvisoryCloud had an extensive network of highly-qualified candidates with the expertise he was seeking.
DNEDA also wanted an advisor with experience in mergers and acquisitions, government contracting and bidding for government contracts, as well as the experience and breadth to advise an entire board. Although Keechi had been through several mergers and acquisitions, he had never been involved with the architects of managing those deals at the level that they needed, and neither had any of their board members. AdvisoryCloud was selected to help fill that void.
“Part of our future and part of the role of our board is our ability to connect with experts who can help our organization grow. We’ve taken inventory of the connections we have from our own experiences, and it was time to look beyond our own network to get the expertise we needed. AdvisoryCloud gave us access to thousands of people around the world, and is a much better option than the usual ad hoc ‘who do you know?” explained Keechi.
Working closely with AdvisoryCloud’s account manager, Keechi narrowed the search to three candidates and selected Danny Stroud to work with DNEDA’s board and join its Growth Committee. Danny Stroud was a great fit with more than 30 years of experience in financial services, corporate services, corporate growth strategies, M&A, and strategic planning and execution.
Stroud helps DNEDA with financial planning, understanding governance issues, managing cash flow, and establishing core competencies. He meets on a weekly basis with every C-Level executive individually and bimonthly with the entire team to review their business goals and institute a long-term plan to achieve these goals. Keechi works with the account manager at AdvisoryCloud to schedule and set an agenda in advance of each meeting to ensure the best results.
“Danny Stroud has extraordinary capabilities and has led countless acquisitions. Based on what I’ve seen so far, AdvisoryCloud is worth its value and has more than paid for itself. I couldn’t be happier with it,” said Keechi.
With the help of AdvisoryCloud, DNEDA is on track to create a solid plan that the board approves of and is in line with its 2020 business plan. The board is already looking ahead to next year, where they will work toward a longer-term plan that focuses on which industries match with their brand, as well as develop strategies for mergers, acquisitions, and joint ventures as they set aside capital for growth. Based on their success with Danny Stroud, DNEDA already agrees these new areas will likely require help from additional advisors.
Whether you’re a startup, non-profit, or a global corporation, advisors play a critical role in helping with business challenges, exploring opportunities, and providing advice on projects or key decisions. AdvisoryCloud makes it incredibly easy to find, hire, and use advisors. Let us help you discover the power of advisory work.