EPISODE 2 - Kelly Smallridge, President & CEO of BDB of Palm Beach County
Summary
This podcast episode features an interview with Kelly Smallridge, President and CEO of the Business Development Board (BDB) of Palm Beach County. Kelly shares her personal journey, growing up in Palm Beach County, her academic achievements, and her experience as a single mother of three boys. She discusses her career at the BDB, highlighting its role in recruiting, retaining, and expanding businesses to create quality jobs and diversify the local economy beyond tourism, real estate, and agriculture. The conversation delves into why Palm Beach County is experiencing explosive growth, particularly its emergence as "Wall Street South," and the key challenges accompanying this growth, such as affordable housing and workforce development. Kelly outlines the BDB's unique "white glove" approach to courting businesses and its future goals, emphasizing quality over quantity in attracting innovative companies. Finally, she reflects on work-life balance and offers advice to her younger self.
Key topics
Personal Background: Kelly Smallridge's upbringing in Palm Beach County, academic achievements (valedictorian, class president), and experience as a single mother raising three boys.
Role of the Business Development Board (BDB):
Mission: Recruit new companies, retain existing ones, and facilitate expansion to create high-quality jobs and diversify Palm Beach County's economy.
Target Industries: Aerospace, fintech, corporate headquarters, life science, manufacturing, distribution, and logistics.
Relationship with Chambers of Commerce: Collaborative, not competitive, with BDB bringing in businesses and chambers helping them integrate.
Palm Beach County's Growth & "Wall Street South":
Drivers of Growth: Technology enabling remote work, diverse real estate options, improved work-life balance (shorter commutes, outdoor activities), post-COVID migration (41% from New York), great public and private schools, affordable cost of living (compared to major cities), and a pro-business governor.
"Wall Street South" Strategy: Developed over 15 years, involving identifying CEOs with ties to Palm Beach County, cultivating relationships (often through "stalking" at social events), and showcasing the area's business advantages. The term is now being trademarked.
Challenges of Growth:
Affordable Housing: The primary issue, requiring land use changes, vertical development, and community support against "not in my backyard" (NIMBY) sentiment. Focus on smart development along existing corridors rather than greenfield expansion.
Business Incentives:
Non-Financial: Speed to market (expedited permitting) is a major draw, saving companies more than monetary incentives.
Financial: Some cities offer incentives per job created ($3,000/job), and the county offers ad valorem tax exemptions. State incentives are also available but can be time-consuming.
"Private School" Incentive: A significant non-official incentive, often requiring BDB assistance in securing private school placements.
Education & Workforce Development:
Quality of Schools: Essential for attracting families and businesses. Public schools in Palm Beach County are highly competitive with private institutions.
Future Workforce: Focus on developing a vibrant, young area with excellent educational offerings and amenities to attract future leaders.
BDB's "White Glove" Approach:
Personalized Engagement: Customized presentations, involving local officials (mayors, university presidents, superintendents), and recreational activities to showcase the county's lifestyle.
One-Stop Shop: BDB acts as a single point of contact, coordinating various agencies and stakeholders (utilities, environmental, permitting, workforce) to streamline the process for businesses.
Project Timeline: Can range from three months to three years, depending on complexity.
Competition:
Primary Competitors: Austin, Nashville, Denver, Atlanta.
Reasons for Loss: Cost (Palm Beach County's high office space prices), and geographic location for certain logistics operations.
Future Goals (Next 10-15 Years):
Shift from quantity to quality: Attracting the "best and brightest," most innovative companies, making Palm Beach County a headquarters hub.
Focus on smart technologies: Driverless cars, automated traffic lights, smart city infrastructure.
Increased focus on housing, education, and transportation as critical supporting elements.
Succession Planning:
Building bench strength: Cultivating a new generation of diverse, skilled leaders within the organization, ready to take over when Kelly eventually leaves.
Advice to Younger Self:
Work-Life Balance: Prioritize balance to avoid missing personal moments.
Continuous Education: Upskill credentials through certificates and licenses for career versatility.
Enjoy the Journey: Take time for hobbies, travel, and personal life to enhance overall well-being and productivity.