More than 40 years ago, Gene Hale was working as an analyst for a financial institution’s construction equipment loan portfolio and saw how minority-owned companies were getting the short end of the stick when they went to banks to seek loans. So he founded his own company, G&C Equipment Corp., that would make it easier for these companies to obtain the equipment they needed.

But his advocacy on behalf of fellow business owners didn’t stop there. He led a group of business owners that founded the Greater Los Angeles African American Chamber of Commerce. G&C is No. 18 on our List of Minority Owned Businesses.

Hale took time from his dual roles to answer our questions.

Tell us how you got your business started?   

After six years on Wall Street as a financial analyst for a large financial institution providing capital for inventory for large construction companies, I decided to formulate a plan and then start my own business in the construction industry.

 

Do you like being your own boss? 

Definitely. It gives me the opportunity to be creative and flexible and create various diverse revenue streams to survive the vagaries of the economy. That in turn helps keep people employed. 

Do you ever think of trading it in for a steady paycheck? 

No. Just having a steady paycheck doesn’t give me the fulfillment that is needed to make a meaningful contribution to society and the community. 

 

What’s the best aspect of running your own business?  

Employing people as well as building business and personal relationships. And being a business owner gives me the chance to assist disadvantaged high school students with scholarship and mentoring opportunities.

 

Just having a paycheck does not give me the fulfillment that is needed to make a meaningful contribution to society.

Gene Hale
G&C Equipment Corp.

 

And the worst? 

Trying to manage things that are out of your control, such as supply chain disruptions and price increases. Also, getting people to follow established processes.

 

What advice would you give someone who’s about to start their own business?

Have a realistic business plan that is achievable and will hold you accountable. Also, you must be dedicated and committed. Settle in for the long haul and expect a bumpy road.

Has the pandemic affected your business? 

The pandemic caused a slowdown in construction projects. That impacted cash flow and forced me to consider layoffs, though that (layoffs) didn’t happen.

What’s the biggest challenge your business has faced? And how did you deal with it? 

The biggest challenge has been overcoming supply chain disruptions and solving issues with improved delivery schedules. Other challenges have been finding good personnel and dealing with the pandemic.

 

Has being Black affected your business, either in terms of being able to obtain funding and raise capital or to “get your foot in the door” to get contracts or other work? 

Sometimes there are challenges in either direction, but I do not make that a reason to not succeed. G&C still has to provide quality service, competitive pricing and added value. It is what it is. Also, G&C for many years has relied on its own capital needs.

Do you think you’ll ever start another business? 

I’m done with starting new businesses. I might consider mentoring small businesses or raising funds for scholarships.