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An article.
By Linda Descano, CFA® - President and Chief Executive Officer

You need to keep adapting not just to survive, but to thrive.

When Judy B. Homer started in the "personnel" business, she was told that she should focus on placing administrative and secretarial positions, despite her interest in technology. Not one to be dissuaded from her objective, she simply decided to start her own executive search firm, which today -- 25 years later -- remains one of the few women-owned retained search firms focused on the recruitment of information technology and operations executives across all industries and markets, from New York to the Middle East and Asia. I had the pleasure of speaking with this enterprising entrepreneur, whose company is a Citibank client, a few weeks ago. Highlights from our conversation are provided below.

On key traits for success...

"As an entrepreneur, you need to have a lot of courage," Judy said, adding "because in good times and in bad times, every one is going to be looking at you for direction and assurance; they will want to know that you have a plan." Judy also believes that success hinges on strong communications and one's willingness to change. She elaborated, "If you don't transform yourself and your business, you won't survive because everything around you is constantly in flux. You need to keep adapting not just to survive, but to thrive." Also key in Judy's mind is keeping to your core values. "Don't lose your 'soul' just to get business. Have the courage to walk away if need be. Don't let anyone or anything erode your ethics and integrity."

On what lesson(s) she would share with an aspiring entrepreneur...

"Have one year of operating capital in reserve," advised Judy, "so you have some flexibility and peace of mind."

On the best piece of advice she's received or shared...

Judy's first foray into entrepreneurship was as co-founder of a search firm. She wanted to strike out on her own, but didn't believe that she could build a successful practice with a woman's name on the door. Then a good friend, who has since passed away, ticked through all the things Judy was doing as the co-founder and concluded by saying "see, you already are doing everything that you need to do to be successful." His belief in her gave her the "push" she needed to get her on her way. Her advice to others? "Believe in yourself and surrounded yourself with the 'right people' -- people who complement your weaknesses and that are not just going to say 'yes' because you are the boss. And get over the fear factor. You will make mistakes; everyone does. Every setback that I've had has been a tremendous growing experience -- it really does help you move forward."

On the word she most associates with money...

On this, Judy does not hesitate: freedom. "Money is freedom to do what you want for yourself, for your family and the outside world. It enables you to add value to others' lives. I truly believe it is wasteful if you have the resources and you don't put your money to work to benefit the community and world," Judy shared.

On financial lessons and experiences...

Judy grew up in a family with modest financial resources, but with strong financial values. She explained, "Not only were we taught to respect each other and others, but not to go into debt. Our motto was 'if you can't pay for it, then don't buy it,' which has stuck with me through the years."

On financial harmony in her household...

Judy and her husband are partners in managing their finances. "We talk about money and we listen to each other's perspective. It's a bit of a dance, because we don't always agree, but we don't let our emotions get the better of us. It's important to know when to back off and re-visit the topic. And we really try to find common ground, both for our longer-term investments and for money to live on today."

On words she lives by...

Judy chuckled when I asked this, saying, "It is going to sound so mundane, but I really believe that what goes around, comes around. So, don't say what you don't mean and don't treat people the way you don't want to be treated." Wise words indeed!

On what inspires her...

Judy is inspired every time she "matches" a hiring manager with the "perfect" candidate. "When I find the right opportunity for someone, it transforms that individual's life as well as his or her family's life as well. And it also changes that of the hiring manager's as well; when you have the right staff, you can then devote time to other tasks that can help you grow and stretch."

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