Fraser Bullock touts Utah's executive talent pool

The executive management talent pool in Utah is a lot larger and deeper than many people think.

That was one of the main takeaway comments from a speech delivered last week by Fraser Bullock at the Little America Hotel.

Now head of Sorenson Capital, a Salt Lake City leveraged buyout and investment firm, Bullock most recently held positions as president and chief operating officer for the Salt Lake City Olympic Committee.

"Sometimes an entrepreneur can be a good CEO, but more often than not that is not the case," Bullock said.

He went on to add that when it comes to building and growing a business, "Management is everything," and the field of qualified executive management in Utah or with Utah ties is much greater than many people think.

Bullock's address came before a gathering of more than 100 local executives at the monthly breakfast meeting of the Salt Lake Chapter of the Association for Corporate Growth held last Tuesday.

As a seasoned executive from the investment banking industry, including stints with Boston-based Bain and Bain Capital, as well as a several year run with his own Alpine, Utah-based investment banking, Bullock was asked to address the ACG on the topic of the investment climate in Utah.

He noted that during the past several years, between 15 to 20 growing Utah firms have been acquired or sold to out-of-state enterprises, with most buyouts resulting in a loss of jobs and in-state revenues, as well as the disappearance of Utah-based headquarters.

By Bullock's own estimation, Utah is home to private equity and venture capital companies with roughly $500 million under management.

By contrast, he noted that 3000 Page Mill Road in Palo Alto, California houses a number of VC firms with a total aggregate of assets under management exceeding $15 billion.

That difference in the available capital based in Utah and in that found at one street address in the heart of Silicon Valley highlights the reason why Bullock believes "A critical mass of businesses and equity needs to be built here."

This is also one of the reasons why he worked so hard during the past year to help ensure passage of the Venture Capital Enhancement Act (HB 240) in the Utah Legislature.