Sam Saperstein:
COVID has really exposed a lot of things that aren't working for us. And so what I'm really hopeful is that we take this time to maybe address some of those issues and to create a more fair and just society. Welcome back to season four of the Women on the Move Podcast. I'm your host, Sam Saperstein. Women on the Move is a global initiative at JP Morgan Chase designed to help women grow their businesses, improve their financial health and build their careers.
Sam Saperstein:
This season, we're taking you inside JP Morgan Chase's annual women's leadership conference, where we addressed critical issues affecting women. Our diverse speaker shared leadership lessons and career tips and taught us how to take care of our well-being. Overall, they had one thing in common, optimism about the future and unwavering positivity. It's a fascinating season, you won't want to miss.
Sam Saperstein:
In this episode, we hear from a panel of small business owners about their response to COVID-19. CEO of Chase Business Banking, Jennifer Roberts, moderated the conversation with three incredible women who supported their communities at a time of great stress and uncertainty for their businesses. Here's their conversation.
Jennifer Roberts:
Hi, I'm Jennifer Roberts, Chief Executive Officer of Chase Business Banking. I'm delighted to be moderating a panel today with three incredible and inspirational small business owners. First, I'll introduce Blanca Cabrera, owner of Sergio's Family Restaurant in Miami, a staple of the Miami community. In 2014, Blanca became the first Latin female on the National Restaurant Association's Board of Directors. Welcome Blanca.
Jennifer Roberts:
Also with us today is Adrienne Stewart-Gordon, co-founder and co-owner of Pound Cake Society an apparel design, manufacturing and consulting company. Her 25 years of experience in the garment industry have ranged from showroom manager to national sales manager to brand consultant. Welcome, Adrienne.
Adrienne Stewart-Gordon:
Thank you.
Jennifer Roberts:
Finally, I want introduce Kelsey Bunker, co-founder and owner of the Jupiter Hotel and Jupiter NEXT in Portland, Oregon. These two unique destinations serve as stylish hubs for the vibrant creative community in Portland. Welcome Kelsey. Thanks ladies for agreeing to participate. Well, I want to start by tackling perhaps the most obvious question. How have each of your small businesses survived COVID-19 and what changes did you implement? Blanca, I'm going to start with you.
Blanca Cabrera:
Well, hi. Thank you for having me. I've been in business for 30 years so never prepare me for something like this that came into us suddenly for the past six months. I think Sergio had a head start because we have delivery and take-out plus our window. That represents 30% of our business. We were prepared more than probably another restaurant. We just had to find out how I'm going to get the rest of those 70%. And I knew I can hold for four, five, six weeks but longer than that, no. I realized after the second shutdown that everything was going to be different, I stayed focused and trying to move forward and reinvent myself with catering, with outsourcing, things like that.
Jennifer Roberts:
Great. Thank you for that. Travel and tourism obviously has been dramatically affected as well and at the forefront. Kelsey, what did the Jupiter do differently since March?
Kelsey Bunker:
Well, within two weeks of the COVID-19 being declared a pandemic, we lost 70% of our income on the books and it became obvious to us that we were going to have an unused asset. We began looking around trying to figure out who might need this asset. We ended up connecting with our county because they had put a call out for rooms to help the medically vulnerable that were staying in their homeless shelters. And so at the end of the day, that's one of the things that we did to pivot.
Jennifer Roberts:
Thank you for that. Adrienne, you also made a switch early in the pandemic, changing from loungewear production to face masks. How difficult was this for you to do so quickly?
Adrienne Stewart-Gordon:
Well, thanks for having me, Jennifer. What we did, in keeping up with the news cycles and the desperate health care need for face masks and PPE, my business partner [Renè Falchuk 00:04:56] and I had a brief call to figure out how we could help because we're in the apparel manufacturing business and making an accessory, which is basically what a face mask is wouldn't be tough to do. We used every resource that we had, including disassembling a few things and remaking them with fabric so we had enough.
Jennifer Roberts:
All three of your businesses faced, obviously, these major impacts and are continuing to face impacts but it didn't hold any of you back from giving back to your communities. How did people react to your donations?
Adrienne Stewart-Gordon:
It was beautiful. We were wholesalers only and in pivoting we changed our business model to business to consumer. It was kind of a business to consumer nonprofit and healthcare workers, that clinics, like I said, everybody was so grateful. You got to hear the stories. They're worried for their loved ones that work in healthcare. And you were a part of a very real struggle to survive. We share those stories with everybody, our contractors, people working with us, all our volunteers and it kept us going.
Jennifer Roberts:
I love that mentality, Adrienne. I do think everyone has a role to play. And Blanca, you also donated meals to healthcare workers. Why was that so important to you?
Blanca Cabrera:
Well, Sergio's being a neighborhood restaurant we're very involved in our community. We have about two hospitals very close to a few of our stores. We gave lunches to firefighters. We donated through the schooling through children's STAR in neighborhoods that are more impacted.
Jennifer Roberts:
Kelsey, the Jupiter donated hotel rooms to the most vulnerable population in the Portland area. And how did you initially identify that need?
Kelsey Bunker:
We were definitely looking open, looking for opportunities to use our hotel and I heard our county commissioner on a news broadcast making this request. And my business development person had heard the same request that morning and we took that as a sign that we needed to contact them and find out if there was a need that we could help fulfill. I think the one thing that the three of us here on these panel have in common at this moment is this ability to think outside the box, the ability to respond to a need, the ability to maybe put aside our initial business plan, our initial idea of who we think we are and maybe look beyond ourselves looking to our community because our communities are what really support us.
Jennifer Roberts:
And I think all of you mentioned sort of listening outside of your own four walls and outside of your own employee base to find out what was needed. You do what you have to do, right? You're listening to the community and the needs of the community. And you decided that it was your time to rise to the occasion. Blanca, you pivoted to nationwide selling of your restaurant food. What insights can you share with other business owners about trying out alternate revenue streams?
Blanca Cabrera:
Well, I can tell, reinvent yourself but none of my staff pay attention to me because we were so busy that I only wanted to get my croquetas outside Miami, all over. And that's exactly what we did and believe it or not, the sales have been increased 50% weekly on the croquetas so don't be afraid to try something new.
Jennifer Roberts:
Each of you have probably had some folks in your lives that have given you advice. All of you are extremely resilient, optimistic, positive, which I love about small business owners in general. I'd love each of you to just talk through folks that have been instrumental in your life. We'll start with Kelsey.
Kelsey Bunker:
This is a little outside the box, maybe but I spent 10 years with a shaman, really trying to understand my view of myself maybe. And I began to really understand how my self-centeredness prevented me from really interacting with the world. The ability to put aside my ego, the ability to understand that it's not all about me has probably been the most important thing about getting a business going.
Adrienne Stewart-Gordon:
Well for me, family and friends support has been helpful during this crisis, especially my spouse, who I've completely changed positions with, friends that are lawyers and nonprofit people, accountants, all helping with free advice to help us pivot and keep moving forward at the speed and obviously, Chase. It sounds a little cheesy to say but Chase has been an amazing banking partner at all levels. Our small new business needs handholding and guidance and so all of these people have been supporting us and been mentors so that's been super helpful during this crisis. And I hope it continues well after the crisis.
Blanca Cabrera:
One of my inspiration was my mother that worked so hard and she taught me how to work hard. And we had something between both of us. Our deal was, none of us can get depressed at the same time, one at a time. I would cry, she would cheer me up and the opposite so that people's going through this COVID-19.
Jennifer Roberts:
I love that role. I think my team and I sort of unofficially have that role because when one of us is having a bad day, the rest of us sort of lift that person up so I love that role. I want to close out our panel today by asking each of you, what are you hopeful for in the future? And really what is that light at the end of the tunnel?
Adrienne Stewart-Gordon:
For me, the light at the end of the tunnel professionally is that everyday ritual, which is our collection continues to grow and do well. And in our company, we're trying to be the best versions of ourselves and we encourage our employees and staff to do that as well.
Jennifer Roberts:
Blanca, would you like to add to that?
Blanca Cabrera:
Well, I will tell you this, this too shall pass. I'm really, really looking forward for seeing our business flourish. Don't give up because this is a lesson for all of us.
Jennifer Roberts:
And Kelsey, we'll end with you.
Kelsey Bunker:
Well, I think there's two things that are going on for me. One for my company, I just want stability. And as a community and as a society, I think that the COVID has really exposed a lot of things that aren't working for us. And so what I'm really hopeful is that we take this time to maybe address some of those issues and to create a more fair and just society. I am really hopeful that we come out on the other side, a better community.
Jennifer Roberts:
I love closing on that optimism from all of you ladies. Thank you so much for sharing your pearls of wisdom, I'm sure all the viewers are really going to love watching you and learning from you.
Sam Saperstein:
What a heartening view into the world of small businesses and what the pandemic has been like for these three women. What I loved most about the conversation was the unwavering optimism they shared. Kelsey, I also hope that we come out of this time, a better and stronger community. Thank you to our moderator, Jennifer Roberts and our guests, Kelsey Bunker, Blanca Cabrera and Adrienne Stewart-Gordon for such a rewarding discussion. Let's all continue to show up and support the small businesses in our communities just as they have done for us.
Sam Saperstein:
Thank you for listening to this episode of Women on the Move recorded at a Women's Leadership Day 2020. If you'd like to see more from our event, visit jpmorganchase.com/leadership day for the replays and additional content. The mission of Women on the Move is to help women in their professional and personal lives. Our goal is to introduce you to people with great ideas, inspiring stories and a passion to make a difference. If you enjoyed this episode, please rate, review and subscribe so you won't miss any others. For JP Morgan Chase's Women on the Move, I'm Sam Saperstein. JP Morgan Chase Bank, N.A. is a member of the FDIC.
