Chris Crane grew his company then sold it a decade ago to run one of the world’s leading microfinance organizations – Opportunity International. He could have grown his net worth and lived a lavish life but, like many of us, he felt that would soon lack meaning and purpose. He could have kept his company and just written big checks to charities that help the poor. Instead he found a unique niche where he could leverage his business skills multiple times over to have a mind-blowing impact around the world doing what governments and charities simply can’t do, break the cycle of poverty. He’s done it by empowering millions of budding entrepreneurs through very small loans.
I wanted to know why he chose this path for his second half of life, and I wanted to know how.
Chris is a Harvard MBA who spent time in venture capital, then ran Nitches Inc. and eventually bought COMPS InfoSystems in 1992. As CEO he oversaw the acquisition of 13 companies, raised four rounds of venture capital and led the company in an initial public offering, increased its sales force, reduced costs, and expanded into new markets. COMPS grew 20 – 30 percent annually. When he sold the company in 2000, it was the largest commercial real estate sales electronic database publisher in the US. But he wasn’t satisfied. Chris read the book Halftime by Bob Buford, which crystallized in his mind that there was more to life than just success. He had been exploring innovative ways to make a difference in the lives of the poor. He was looking for even more leverage - more lasting impact. He found himself at Halftime, on a journey from success to significance.
Chris has been on this journey now for a decade and I wondered what he’s learned in the process about real leverage?
“Bottom line is I’ve learned that a business executive can have a huge impact on a humanitarian organization that many non-profit CEO’s may just never have. Opportunity International is committed to providing a complete range of financial services to help the poor to work their way out of poverty, and you have this multiple chain of leverage. Say that an individual or a company, like Caterpillar for example who recently made a major donation, gives Opportunity a grant, we put it to use in one of our banks around the world. Our bank then leverages it through local capital markets three to one. We leverage it again by loaning it to these women who are going to pay us back, and in the process they often double and triple their income. The first thing they do with the extra income is to send their kids to school, make sure the kids are fed, and make sure the kids get healthcare. So, now you have children that are going to be educated. They not only finish high school, but a number of our clients send their children to college.”
After seven years Chris has recently handed his CEO role over to someone else to manage. Chris has grown the organization to serve over 1,500,000 poor entrepreneurs in 28 developing countries with loans as little as $50, training them in basic business practices, and counseling in personal development. Introducing many to Jesus. Where do you go from there? Where does a guy like Chris look for another endeavor with the same kind of leverage?
“There is a niche in microfinance that few are serving. There are tens of thousands of low budget private schools. They charge $3 a month or $6 a month tuition. They provide a great education. Studies show that students in these slum or low budget schools in Africa score significantly higher than the children in the government schools on the standardized tests. The government schools are unionized, teachers really can’t get fired, and they consequently often don’t show up to teach class. There will be a hundred to a hundred and thirty kids in a classroom in the government schools compared to thirty or forty children in a classroom in the low budget private school.
“So, these schools are starved for capital, they are in rickety buildings, and if we extend to them five and ten thousand dollar loans they can build more classrooms, some can actually buy computers, set up a little computer lab. They teach English, which is one of the keys to increasing income. One study showed that if by age 18 children from the slums speak English their lifetime income will be three times what it would otherwise be. The idea is to finance these schools and help them teach technology, to teach entrepreneurship. To teach students to be job creators and not job seekers because there just aren’t any jobs when they come out of high school. And then to be able to provide them loans so they can start up their own businesses right out high school.”
How can you find an opportunity to make your second half really count using your unique skills, experiences and in your areas of interest? How can you find this leverage? If you’re looking for leverage in your second half, what are the steps? Having coached hundreds of people like Chris through midlife transition for years, my advice is don’t quit your job or sell your company.
There are three simple steps that will help you test your way into clarity, the very same three steps Chris has taken:
Get clear, get free and get going.
-Get clear on your core strengths, and the difference you would most like to make in the world.
-Get free of the low value activities/investments that clutter up your life,
-Get going in a small way, rolling up your sleeves along side someone like Chris who already knows how to get stuff done.
Your Next Step
A Halftime Coach can help you gain traction quickly and avoid many of the pitfalls. Click here to ask Greg Murtha which Halftime Coach would be best for you.
