Tag Archives: Steven

Finance

Steven Delarge: Albany’s Recent Economic Growth

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Steven Delarge has noticed, during time spent in Albany, that living in the state capital means a strong governmental presence. In fact, according to Steven Delarge, more than a quarter of the city’s residents work for state and local government. More work in sectors that support governmental operations and employees—restaurants, law firms, and many others, Steven Delarge relates.

But even though it’s the “capital region” of New York, Steven Delarge  points out that Albany is also known as a university town. The State University of New York (SUNY) has a campus in Albany, one of more than twenty colleges and universities in Albany, Steven Delarge adds. This not only leads to campus-related jobs, but it also brings businesses to town to support the influx of students all these colleges bring.

All of these colleges have also brought technology to the town. Steven Delarge cites the nanotechnology program at SUNY as an innovator in the field. This has enticed many students to the campus, especially after Albany was a recipient of part of a government grant to build nanotechnology research centers throughout the state.

Steven Delarge notes that a deal by Tokyo Electron Ltd. sent chip manufacturing researchers to Albany and other technology researchers followed. Albany isn’t merely a technological marvel, however. Steven Delarge points out that the city is home to manufacturers of paper products, steel, cement, medical products, chemicals, and more.

In 2012, as the country gradually emerges from an economic downturn, Steven Delarge and other city businessmen are watching Albany’s economic development with great optimism. In early May, the nanoscience program at SUNY received national coverage on CBS Evening News, as the network used the jobs created by the program as an example of the recovering economy. Steven Delarge has watched, as others in Albany have, the multitude of press coverage both SUNY’s program and the nearby GlobalFoundries plant in Malta have gotten.

In a country that centers on technological innovation, Albany is working hard to stay at the top of the technology curve. Steven Delarge believes that by attracting students who will learn pioneering methodologies, the city will be prepared for a local workforce that is ahead of the rest of the country. This, says Delarge, will always have a positive impact on the local economy.

But the large governmental population cannot be ignored. Steven Delarge emphasizes that Albany will always have a large sector employed by state and local government. As such, the ability to competitively attract good employees and industry to provide support to the citizens of Albany will still be important, concludes Delarge.

Finance

Steven P. Delarge on Building Standalone Finance Team

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Business entrepreneur Steven P. Delarge learned quite a bit from his own experience in building a standalone finance team. The opportunity came when Steven P. Delarge was involved in the sale of the operating division of a public company. Prior to the sale, Steven P. Delarge’s division had its finances handled by the parent company, but following the sale a new finance team had to be formed.

Steven P. Delarge called upon all available resources to put his team together. To begin, Steven P. Delarge sought out other businesses in the field that had been through a similar experience. Steven P. Delarge was able to gather advice from portfolio companies who had also been sold by a parent company. These companies had also found it necessary to put together a standalone finance team, as well.

During this process, Steven P. Delarge called upon external audit partners who were invaluable in helping the company set up a finance team. Not only did they help Steven P. Delarge and the rest of the team get the financial books in order, they were able to provide the names of local recruiters who could put Steven P. Delarge in contact with local talent. This local talent, as it turned out, would be the key to building a successful standalone finance team.

Steven P. Delarge suggests businesses might find inspiration in Xerox Corporation, which deliberately made its finance team independent of all other organizations. In completely reorganizing the company’s accounting unit, CFO Lawrence Zimmerman created a process that offered measurable results, Steven P. Delarge points out. These operational results were geared specifically toward what a CFO needs to know about operations, Steven P. Delarge explains, not what the local operations manager needs. And that is exactly the way it should be, says Delarge.

As Steven P. Delarge explains, the finance team has external sources to which it answers regularly. Because of this, Steven P. Delarge believes the finance team should be accountable to itself first. A CEO may have his or her own demands for reporting, a good CEO understands that the finance team is also responsible for answering to external audits that may or may not coincide with the needs of the company, including SOX compliance, SEC requirements, and others.

By building a good standalone finance team and allowing them to independently operate to their best ability, Steven P. Delarge believes a CEO will set his team up for success. And if a finance team is successful, it reflects well on the rest of the company, concludes Delarge.