Welcome back to the Sunstone Way!
Everyone on the Sunstone team has been very, very busy over the last six weeks or so – attending, speaking at, helping to organize and sponsoring tech weeks, conferences and summits. We’ve been particularly involved in two Long Beach-based events. First came the California Forward (CAFWD) Economic Summit, then the International City/County Management Association (ICMA) came to town.
While the Economic Summit focused on California, the ICMA attendees came from all across the country, with an international contingent as well. Both were focused on something near and dear to my heart – making communities better through investment. That’s investment in time and talent as well as money.
Collaboration Personified
I have always enjoyed these and other gatherings – organizers work hard to bring in very knowledgeable professionals on myriad topics, and I never fail to learn something. But even more important to me is the chance to network with like-minded people whose focus is on getting things done to make a difference.
Often, these gatherings result in collaborations. People and organizations match their strengths with others to do things they might not have been able to do alone. And the ideas! There are so many “new thoughts” to consider.
The best of these organizations (CAFWD and ICMA both fall into that category) build on the work their members have done in the past. I found it particularly fitting that both decided to make the historic Queen Mary a big part of the Long Beach experience.
Iconic Venue
The famous ocean liner has been Long Beach’s most recognizable symbol for nearly 60 years. After a distinguished career as one of the fastest ships from England to America – and a stint as a critical troop carrier in World War II – the Queen Mary took her last voyage in December 1967, arriving in Long Beach to become a floating hotel, event venue and museum. (https://www.britannica.com/topic/Queen-Mary-ship)
It took four years and several million dollars to open the ship to the public. Passenger cabins were converted into hotel rooms, dining areas became restaurants and other public-friendly changes made. The Queen’s Art Deco interior was celebrated, and history was always in the forefront.
While the ship and its three Cunard red stacks quickly became a Long Beach symbol, operations at the Queen weren’t always smooth sailing. A series of operators tried different approaches to keep the ship’s financial head above water. All the while, the Queen Mary continued to host events, concerts and visitors from around the world.
But deferred maintenance built up as the ship entered the 21st Century. Then the COVID-19 pandemic shut the ship – and much else – down in 2020. The city took control of the ship while it was closed – I have some personal experience here, since I was still the Economic and Property Development Director for Long Beach. The city’s elected leaders, recognizing the iconic ship’s importance to the Long Beach vibe, agreed to invest the necessary money to deal with the infrastructure. A profit-sharing agreement with the operator helped get the ship in the black, and the operation remains profitable today.
Model of Perseverance
You might ask why I revisited the Queen Mary history. First, both CAFWD and IMSA hosted receptions there and Sunstone Cities was a part of both. Second, I believe the ship’s recent success is proof that perseverance and collaboration can result in good things happening.
I believe the Queen Mary resurgence builds upon the history – both successes and failures – of the ship, especially in Long Beach. And I believe that cities, states and businesses can do the same.
That’s what innovation is all about. We can’t build on nothing – brand-new ideas are exceedingly scarce. Innovators learn as much, maybe more, from their failures than they do their successes. But once something works, it only makes sense to build on that success, right?
That approach works for business founders, and for long-established cities. It is, after all, the Sunstone Way!
And remember, always be a Sunstone.
John Keisler
CEO & Managing Partner
Sunstone
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Sunstone Investment Group, headquartered in Southern California, is the holding company for the Sunstone family of entities, including: Sunstone Investment Management Services, responsible for administrative services; Sunstone Advisors, an SEC-registered investment adviser, which oversees Sunstone Venture Partners LLC, a private capital fund manager; Sunstone Cities, a government economic development consulting firm; and Sunstone Community Fund, a charitable organization that supports entrepreneurship. Sunstone is dedicated to enriching lives through investment, entrepreneurship, and community.
The information and opinions expressed in this blog are those of the Sunstone Investment Group and are provided for informational purposes only. This content is provided for general informational purposes only and does not constitute investment advice, a solicitation, or an offer to buy or sell any security or financial product. The opinions expressed herein are subject to change without notice and should not be relied upon as the basis for any investment decision. Readers are encouraged to consult with their own legal, tax, and financial advisers before making any investment decisions.
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