Business leaders look at 2011 economy

Panelists at the first Daily Herald Suburban Business round-table told area business leaders that they're optimistic about the economic outlook heading into 2011 and that the creation of jobs is essential.

“Business people I've talked to feel we've turned the corner. Many are hiring or want to hire,” said panelist Doug Whitley, CEO of the Illinois Chamber of Commerce.

Whitley, who believes international relations are important for business growth in the state, joined Judith Roussel, Illinois district director of the Small Business Administration; David Nielsen, founder of Big Wave Advisors; and Eric Lundstrom, founder of Focus Capital Advisors Inc. on Wednesday in the first of a series of forums planned through Paddock Publication's new business-to-business magazine.

Nielsen, though, stressed unemployment is a leading economic indicator and that in order to solve the debt problem, people have to get back to work. He has found that part-time jobs are the only segment showing growth, which he says is only a temporary fix. “Most of the jobs being created right now are part time” where employees are paid an average of $20,000 a year, he said.

He added that there is a need for more middle-class jobs where workers are paid between $50,000 and $60,000 a year.

Roussel discussed financing options available through the SBA as well as new programs and initiatives.

Lundstrom spoke from the eyes of an investment banker, noting that the market for selling a business remains very strong. He added that loans are available, but are often difficult to obtain.

Lundstrom told the audience at the Stonegate Conference Centre in Hoffman Estates that businesses that have a niche and demonstrate a particular expertise will be more likely to succeed.

Participants found the outlook informative.

“It was a good event,” said Jay Kelly of Administaf in Rosemont. “Dave Nielsen was cautiously pessimistic but had the facts and numbers to support his ideas. He wasn't shooting from the hip,” said Kelly, who was part of a crowd of more than 100 people.

He also found what Whitley had to say helpful. “I really liked his passion,” Kelly added.