Q & A with Mr. Steven Adler Stronghold's Board of Advisors
One of our original Board members, Mr. Steve Adler, recently sat down for a brief interview. Mr. Adler brings over 30 years of experience as an entrepreneur. In 1995, Mr. Adler joined the partnership that owned Savage Mill. In 2002, Mr. Adler was the Republican Candidate for Howard County Executive and in 2004 was appointed by Governor Ehrlich to the State Tourism Board. In January, Mr. Adler became Chairman of the Stronghold Board of Advisors.
Interviewer: You've had a long, lucrative history in the retail and real estate industry. How did your career begin?
Adler: I started out after high school with 1 full-time job and 2 part-time jobs while going to college. I opened my first retail shop in Timonium in 1983, and within seven years had nine shops throughout the mid-Atlantic region. I then acquired 2 more chains, and in less than a decade had built an $18 million company with 22 stores in seven states and the District of Columbia. After I sold my company in 1993, I began consulting in the retail industry. I then became the managing partner of Savage Mill with a mission to increase leasing and developing new and entrepreneurial businesses. In 2008, I joined Stronghold's Board of Advisors.
Interviewer: What lesson did you learn from your first M & A experience?
Adler: There are many things involved in a successful sale. But there was much more that I hadn't recognized including tax planning, valuations and how a sale is very complex and requires time consuming negotiations. Your company is typically your largest asset, and through Stronghold and JPBE we can help people get the maximum value, achieve the greatest success and ultimately help through the process.
Interviewer: How do you view the current M & A market?
Adler: Specifically to Stronghold, the market is the strongest it's been since I joined the Board 2 years ago. I am very optimistic. There is a very strong pipeline in place and it makes a big difference.
Interviewer: What made you decide to join the Board and eventually become Chair?
Adler: The Board allows me to utilize my entrepreneurial skills as well as my past board and non-profit experience. I agreed to Chair because I was asked by J.P. Bolduc and was completely honored. I accepted immediately and have thoroughly enjoyed the experience to date.
Interviewer: Can you elaborate more on the Stronghold "pipeline?"
Adler: Through our Executive Team and Advisory Board we have numerous contacts and relationships. Through those contacts, we currently have numerous assignments and many projects in the pipeline.
Interviewer: What do you see as the primary strength of the Board?
Adler: The strength of the Board is that it's made up of people at the top of their industry.
Interviewer: What is your role as the Board Chair?
Adler: My role as Board Chair is to assist the other Board members in making sure our dynamic contacts are properly used to help JPBE and its affiliates.
Interviewer: What is the direction you'd like to see the Board go in?
Adler: The Board already is very entrepreneurial and they continue to use creative problem solving. At Stronghold we believe that not everything fits into a tidy, little box. We are willing to look at complicated and complex issues, understanding that our role is to always solve those issues while creating value.
Interviewer: What is your goal or the influence you'd like to bring to the Board of Advisors?
Adler: I'd like to continue the high level of work, be productive, maximize and enhance interaction between the Executive team and Advisory Board. And have fun.
Interviewer: What is the current focus of the Board?
Adler: To adapt to the changing business landscape by currently focusing on government contracting or health care, the Board of Advisors is staying relevant. The Board has become a staple in the success of Stronghold's M & A future. With the changing market and the resourcefulness of the Board, Stronghold's position will only get stronger.
The business landscape has been changing dramatically, we are focusing on, but not limited to government contracting, healthcare, and technology while integrating the depth and breadth of all of the JPBE companies.