Stratford Shields Turned Parking Spots into $483 Million
Stratford Shields is currently the Managing Director at Loop Capital Markets and this man has become a very successful entrepreneur by indulging into an industry that has a problem with parking. Shields started his career when he graduated from Ohio State University with a B.A. in History and then continued to achieve his MA in Political Science and MBA from Columbia University. Where did his 483 million dollar idea come from? According to Shields himself, he stated that he looked at how the city of Chicago privatized their parking and had a lot of problems and backlash. He thought that he could replicate the principle of privatizing the parking lot while also considering the mistakes that have been made and reducing them while applying it to Ohio State. He could do this because Ohio State was essentially a small city consisting of 100,000 people which is about the same size as the city of Pittsburgh.
Ohio State’s Deal of the Year
After Shields decided to reconstruct the privatization of parking for Ohio State University except without all of the problems that Pittsburgh had, the University of Ohio entered into a 50 year concession at the beginning of 2012 for an upfront payment of 483 million dollars. On top of privatizing parking, Shields stated that on top of streamlining the privatization ideas he could also raise money for University’s endowment to also benefit student’s research and scholarships.
Shields Advice to Achieve Success
According to Shields, his most favorable quality is his great attention to detail to client specifications and following up with them. He also stated that persistence is important and do not let naysayers affect your drive. Success is not final, and failure is not fatal.
Find out more about Stratford: https://twitter.com/business/status/1070115139737788417?lang=en