What lessons did we learn from the Great Recession?

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QUESTION: What was the key lesson you learned or a challenge you had to overcome due to the Great Recession? 

Eric Burmeister 
executive director, Polk County Housing Trust Fund

The Great Recession has had a lasting impact on our most vulnerable populations. While many individuals have regained much of their wealth lost during the recession, those who lost what little they had still struggle for a wage that permits savings and investment in their futures.

Jay Byers
CEO, Greater Des Moines Partnership

The importance of diversifying your economy. Traditionally, while our top industry clusters have been insurance, financial services and ag/bioscience, Des Moines is always blessed with a strong manufacturing and logistics industry. We also built new industry clusters with data centers, technology and wind energy.

Scott Carlson
Owner, Court Avenue Brewing Co., Americana, Gilroy’s and the Iowa Craft Beer Tent

You become leaner and forced to work smarter and harder. Once you emerge from any setback, you come out stronger. 

Jessica Dunker 
President and CEO, Iowa Restaurant Association 

The number of people going to restaurants doesn’t change even in recession but the types of restaurants they patronize and the way they order do. The Great Recession corresponded with a new wave of people who started ordering only water with their meals and who stopped buying add-ons like appetizers and desserts. 

Paul Hayes 
President, JSC Properties Inc.

Don’t count on long-term successes to pay short-term debts. It was the same lesson that was taught in the ’80s. It was just a different class of students during the Great Recession.

Ben Hildebrandt
principal, Carpe Futura

Nothing lasts forever. We all must be prepared for economic challenges and eventual downfalls. People, companies, economies will get knocked down. The great ones keep getting back up.  

Phil Hodgin
Principal/CEO, RDG Planning & Design

Our industry went from robust to bust in one week for peer firms who were focused on a singular market. We continued investing in multiple markets and design discipline offerings while balancing carefully and working hard on relationships.    

Hannah Inman 
Executive director, Great Outdoors Foundation

Innovate and collaborate. You may have a vision of what you want, but the path getting there may be very different. When you have limited resources, forming alliances and creating win-win scenarios can help forge a path where maybe one didn’t exist before. And by collaborating, more people contribute to successes. This is the difference between a single win and a long-lasting community impact.

William Kalianov 
Senior commercial credit officer, Veridian Credit Union

The true character of many was shown during the Great Recession as they adjusted their business and personal situations and demonstrated honesty and integrity in their dealings with others. Those individuals are greatly respected and serve as role models for many that will follow them into the future.  

Stephen King
Executive director, Des Moines Arts Festival

The key lesson was patience. We rely heavily on financial support from the local community. The recession brought about a new giving and financial support strategies. We had to be nimble and patient. Those who made the decision to ride it out or remain inflexible were left behind. Those who chose to work with the strategies weathered the storm and, frankly, came out stronger.

Kristi Knous
President, Greater Community Foundation of Greater Des Moines

We live in a community that cares. Amid challenge, I was privileged to watch the community support our neighbors in need. While I saw charitable giving shift to support basic human needs, donors continued to give and care for those who needed us most during that time.

Zachary Mannheimer
Principal community planner, McClure (former president of the Des Moines Social Club)

I was shopping an untested model in a market where I was an unknown person during the worst economic downturn of our lives. I had to compromise and work with unlikely partners to help bring the Des Moines Social Club to life.

Suku Radia
Executive in residence, Iowa State University (retired CEO of Bankers Trust)

The economy always goes in cycles, and don’t be lulled into thinking you have no reason to plan for a down cycle. Be nimble and remember: Your biggest assets are your people.

Robert Riley
Chairman, Riley Resource Group

The recovery of banks, insurance funds, Wall Street and bailed out industries made the financial sector investors and managers whole. Similar to the savings and loan crisis in 1980, relief never reached the middle and lower socioeconomic populations. Next time, we must let everyone participate.

Jeff Rose
President and CEO, American Bank & Trust

Everybody and every area of the country can be affected by the national economy. While the Des Moines metro suffered during the Great Recession, the continual slow and steady growth of the local economy mitigated much of the negative impact, compared to faster-growing regions.

Susan Scharnberg
President, Iowa Public Television Foundation

The importance of keeping a strong sense of perspective. It was critical to understand the effects on our own organization, to be able to gauge those challenges with those faced by our colleagues, and then to map out the path going forward. Even in the worst of times, there always is a forward.

Mike Ralston
President, Association of Business and Industry

Paying attention to your business and its basic components matters. Managing debt, watching cash flow, and developing new markets and sales aren’t very glamorous, but they are critical to your success. Most Iowa employers experienced fewer negative impacts of the recession because they had little debt, were able to maintain or slowly grow revenue, and because their chief asset, their workforce, was more productive than that found in some other parts of the country. 

David Stroh
President, Iowa Mechanical Division, Waldinger Corp.

Be wary of developers who have to borrow money for the dirt.