JAN. 29-FEB. 4, 2024 28 · SBJ.NET FROM THE COVER $30K Cost of study that recommends a new regional nonprofit $250K- $350K Initial annual cost to run the regional organization SWMO: Nonprofit needs significant funding, report says Continued from page 1 Every successful company has a team of talented individuals steering their success. Recognize outstanding C-suite and sales/ marketing professionals who are leading their company’s growth. NOMINATE a dynamic individual now! DOZEN 2024 PRESENTED BY Fogle called the group a regional task force, and its goal was to look at ways a regional effort might be able to coalesce in southwest Missouri, he said. To forward the group’s momentum, CFO and the Hatch Foundation commissioned a study by Shallotte, North Carolina-based consultancy Economic Leadership LLC. The two foundations shared the study’s $30,000 cost. The study, authored by consultant Ted Abernathy, recommended the formation of a new nonprofit organization to guide a structured regional collaboration comprising the 10 counties that already have a working relationship through their membership in the Southwest Missouri Council of Governments. In addition to Greene County, those are Barry, Christian, Dade, Dallas, Lawrence, Polk, Stone, Taney and Webster. Step one, the study says, is to develop a list of potential CEO members and hold one-on-one meetings to secure commitments for a new 501(c)(3) with the tripart focus – and that’s where Thompson comes in. “We have to find out if it resonates,” Thompson said, noting he would be assessing the level of interest in the initiative. “If we talk to 10-20 CEOs and one or two say yes, there’s no reason to do it – we have to be honest with ourselves. We don’t need to spend resources trying to do something people don’t see value in.” But as it happens, some do see the value. Thompson said a couple of CEOs are already committed, but he’s not disclosing names yet. CEO members Thompson said the new organization would look to solve complex problems, and the CEOs in the group are the ones to probe the basic question: What are the strategic-level items that are negatively impacting our ability to be competitive? “We have a lot of good things happening in the region, but we can do better if we’re going to be competitive,” he said. “We have to figure out, how do we give more of our private-sector CEOs engagement into the process?” Thompson noted CEOs and business owners have a unique perspective to see issues that impact talent attraction and retention. The organization Thompson is trying to piece together is modeled after the Northwest Arkansas Council, an organization formed more than three decades ago and headquartered in Springdale. Founded by commercial titans Sam Walton of Walmart, J.B. Hunt of J.B. Hunt Transport Services and John Tyson of Tyson Foods, along with other business leaders, the council today has more than 100 company members, including high-level staff from all of the region’s largest employers, according to the Economic Leadership study. It is governed by a 13-member executive committee and some 18 staff members. “Why did they come together? A lot of people will say they wanted to build an airport and they wanted to create (Interstate) 49,” Thompson said. “That wasn’t it. It was about how do we create an environment and how do we create quality of life to where we can get employees in the area and they want to stay? That’s the challenge.” Report findings The Economic Leadership report observed that the southwest Missouri region is economically successful but faces challenges that are increasingly complex. From July 2020 to July 2022, the report states, all 10 counties in the proposed organization experienced population growth, with the region as a whole growing by 2%. Current estimates are that the population will grow by about 5% over the next five years. Job growth has exceeded the national average over the two-year period cited in the report. Even so, continued workforce availability, poverty, housing, crime and child care are all areas that require attention, the report states. For public-sector officials in the region, the Council of Governments already provides a forum for engagement. “What is missing now, and has been deemed a critical need, is engaging the regional private sector CEOs in discussions of workforce, quality of life and branding,” the report states. To move forward, the organization will need a minimum of $250,000- $300,000 guaranteed annually for the first three years, according to the report. Funding would come from the initial membership, with an ask for an additional capitalization donation, as well as contributions from local foundations. If there is not sufficient interest in self-funding, the report suggests linking with a local foundation to create a future basis for a stand-alone organization. “Within the first couple of years, the organization must deliver results, and that will likely require additional funding of $1 million-$2 million,” it adds. While the report does not recommend a Erin Danastasio: Northwest Arkansas provides a good model for what SWMO can do.
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