10 Question With… OPT Solutions
I’ve known Laura Pettit Rusick for quite a few years now. I was originally introduced to her through the regional IT Leadership group I sit on the Board of. Eventually Laura was also recruited to the Board and she and I ended up co-chairing the Programs position. If any of you have ever been responsible for pulling together a schedule of high quality speakers for monthly meetings, you know it can be quite a chore and take a lot of hard work. Laura was a pleasure to work with and shared my passion to “go the extra mile” to program the best speakers and the most interesting topics we could come up with. Our planning meetings were often held at her house, and there was always ample red wine to help the planning process!
After holding a number of senior management positions at a handful of companies, it was a natural evolution for Laura to start her own company and use her expertise to help small- and medium-sized companies on complex business process and technology issues. While I was aware of Laura’s technical and business expertise, I wasn’t aware that she had the entrepreneurial fires burning. So in looking for my next 10 Questions With… interviewee, I didn’t have very far to go.
So, on with the interview…
DCO: Tell us about your company. What was the genesis of your business?
Laura: OPT Solutions provides strategic technology counsel to CEOs at small and mid-sized organizations. We help companies achieve their business goals by optimizing business processes and technology. On a retained or project basis, OPT’s CIOs evaluated technology, manage staff and vendors, guide software selections and provide ongoing advisory services.
I started OPT Solutions after realizing that many small and even mid-sized companies lack experienced IT management on staff. While I made a nice career of restructuring and turning around failing IT departments, I really wanted to get involved with small and mid-sized companies before they had a crisis.
DCO: Describe the moment when you knew you were an entrepreneur? What defined that moment and how did it feel?
Laura: I certainly wasn’t sure when I started out. I enjoyed getting involved in all the different facets of the business, though. I’ve always liked learning new things. I knew I was an entrepreneur when I realized I wanted to stick with the business even with the down economy.
DCO: What marketplace issue are you solving and for whom?
Laura: I am helping small and mid-sized organizations that don’t have a CIO on staff that need strategic expertise either ongoing, or on a project basis. I find services businesses tend to use my services earlier, with a ballpark revenue range being $15M to $200M. Manufacturing-related businesses tend to use my services around the $50M to 500M range. That said, I’ve had clients outside those ranges as well.
DCO: How do you define success? At what point do you consider yourself successful?
Laura: First, I think I’m successful now. I was thrilled to have had a successful year in 2008, which was my first full-time year in business. I was told by several people to not expect a profit until at least 12 months. My long term view of success is having offices in multiple locations. I’m very excited about the potential for growing the business, particularly as we come out of this recession. I will consider myself successful when I’m focused on working “on the business” rather than “in the business”. I can see myself taking consulting assignments only when I find them really interesting.
DCO: What does it take to be a successful entrepreneur?
Laura: I think you have to like doing a lot of different things. You have to be willing to get into details, yet at the same time know when you aren’t the expert and need outside help. Based on companies I’ve worked with, I think it will be equally important to be able – and willing – to delegate responsibilities as the organization grows.
DCO: What are three pieces of advice you would give to others considering becoming an entrepreneur?
Laura: First, find something that uses your experience. The credibility is so valuable. My clients know that I’ve been managing IT departments for 13 years, and have been in IT for over 22. Plus, my experience (and that of other CIOs working for OPT) means I can really add value quickly.
Second, don’t do it half way. If your brain isn’t fully committed, that will come through when you are talking with people. Your identity needs to be your business if you want to succeed.
Finally, get help and outsource what you don’t have expertise in. It’s interesting to hear consultants who want their clients to get outside help (the consultant) but won’t do the same for themselves!
DCO: What is your favorite aspect of being an entrepreneur?
Laura: My favorite aspect of being an entrepreneur is being able to build a company – and corporate culture – based on my values and what I feel is important.
DCO: What kind of support do you look for and where do you find it?
Laura: I started out early with a business coach, which was extraordinarily helpful in framing my message and focusing my business. I am now involved in peer-to-peer advisory groups – it’s fantastic to know people that have run into some of the same questions I’m wrestling with. I also credit my spouse and family with being very supportive. It’s so important to have positive people around you!
DCO: Do you have an exit strategy?
Laura: In my case, I originally thought the business would get dissolved on my exit, as I was a sole entrepreneur. When I updated my strategy to include growing into multiple offices, I found myself excited to be able to provide “managing” consultant opportunities for staff that work for me, managing particular regions. At the same time, by having this structure, I will be able to step back from the business as I get closer to retirement and work in it on a part-time basis or sell it when I no longer want to be involved.
DCO: How did you come up with the name for your business?
Laura: OPT stands for Optimizing Process and Technology. I’ve always felt process was as important as technology, and optimizing both is critical to the success of a business. My dad came up with “Solutions” after I described the business idea to him.
Thanks for the great interview Laura! Best of luck to you and OPT Solutions.
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Thanks, Dave, for the opportunity to share my story! We had a super run on Programs – we made a great team, and had a good time doing it. What more can you ask for??