Most people (in the business world and otherwise) are encouraged to think big.
But Paul Mitchell likes to think small – as in small business.
Mitchell has forged a lengthy career in finance, with stints in investment banking, real estate lending, commercial banking and several years overseeing a mezzanine fund. At each stop, he realized he most enjoys helping small businesses grow.
In fact, Mitchell’s resume still notes with pride the IPO he structured and personally negotiated in 1993 with the CoreStates Enterprise Fund for what was then a relatively unknown company called Urban Outfitters; within five years that IPO realized a four-fold return.
“That was probably the best example of my argument that every bank should have a mezzanine fund to take advantages of opportunities as they occur,” he said.
Mitchell’s story takes us to New Orleans (where he was born), France (where he lived for a while), then Stamford, Conn., (where he grew up), Phillips Academy in Andover, Mass., (where he was educated) and Colgate University (where he earned a degree in history in 1970).
Mitchell moved to Philadelphia a year later, selling Dell paperback books for a year, then working as a sales representative for Dun & Bradstreet for another year.
In 1973, Mitchell entered Provident National Bank’s management training program. He stayed at Provident through 1979, working as a branch manager and getting his first taste of working with small businesses.
“It was kind of entrepreneurial then, working to solicit business,” he recalled.
To further that interest in small business, Mitchell went to work for the Southeastern Pennsylvania Development Fund, a quasi venture capital organization owned and financed by a group of area banks in order to spread risk – typical investments ranged from $300,000 to $1.5 million.
He became the fund’s president in 1985, then became the founding president of the CoreStates Enterprise Fund in 1987, when CoreStates decided it needed an aggressive small business financial vehicle and bought and renamed the Southeastern Pennsylvania Development Fund.
From there, Mitchell worked for 18 months with CoreStates’ special real estate workout team, followed by more than two years as vice president of regional lending. He managed a loan portfolio of 25 small to medium-sized companies.
In 1994, Mitchell decided to hang his own investment banking shingle as president of Mitchell Capital Corp. in his hometown of Oaks. There he’s specialized in small companies, including work as a finder for private equity groups and lenders.
Mitchell describes his work as incredibly satisfying, but also, of late, as frustrating.
“It’s been impossible to get any kind of financing done in the last two years,” he said.
On the personal side, Mitchell’s been a GPSEG member since 2005 – although he attended meetings as far back as 2002 -- enjoying the intellectual stimulus, his peer group, the friendships created and the resources at hand.
“I haven’t made any money out of it, per se, but I’ve come close,” he laughed.
Mitchell has a vision that GPSEG will become the “go to” organization in the Greater Delaware Valley for experienced and expert employee recruitment; a reliable resource for expert industry knowledge; a cornucopia of educational and professional business programs; and will represent the imprimatur of being a leading business executive.
“Becoming a member should be an executive's goal upon achieving 20 years experience in the business (and non profit) world,” Mitchell said.
The former runner – a three-time finisher of the Boston Marathon and a 50-mile mountain run in Virginia – has turned to bicycling after knee issues ended his running career a decade ago.
“It’s one of my principal forms of transportation,” he said, noting that he’ll combine bicycling with public transportation to get him to most places he needs to go.
Now 62, Mitchell isn’t looking forward to retirement. In fact, he’s thinking about getting back into the private equity world in order to continue his passion of helping small businesses grow.
“I expect to work past 65,” he said.