Improving Cash Flow
Gooden expressed concerns to the president that while large banks and other financial institutions received federal recovery loans, they have made borrowing arduous for small businesses. Some lenders now reject many receivables as collateral that were acceptable previously, slashing cash available to small busi- nesses.
Additionally Gooden said many Fortune 1,000 companies now extend their payment cycle from 30 to as much as 70 days. As most companies pay operating expenses within 30 days, small minority businesses are forced to finance up to triple the normal operating expenses while awaiting payment. “The admin- istration could publicly call for an end to such predatory practices and financial bullying such as the unilateral extension of payment terms beyond 30 days,” Gooden said. Since childhood, Gooden has paid atten- tion to financial prin- ciples. At age 10, he gained his first job and his boss, who owned a shoeshine parlor and other enterprises, became a mentor. Every day, Gooden said, the man answered his questions about making money. “That’s when I got the bug to start my own business.” A few years later, his 11th grade chemistry teacher provided further inspiration, after Gooden said that col- lege’s cost made attendance unlikely. The instructor re- plied that the U.S. Navy had paid for his college. The day after graduation in 1963, at 17, with his parent’s consent, Gooden enlisted. “I went into the Navy with the idea of taking advantage of its programs, to get my education, and to start a business,” he said.
Gooden said many Fortune 1,000 companies now extend their payment cycle from 30 to as much as 70 days, forcing small minority businesses to finance up to triple the normal operating expenses while awaiting payment. “The administration could publicly call for an end to such predatory practices,” he said.
with a minor in business, and a promise to serve four more years. “Miami was my introduction to computers, and I have been in love with them ever since,” he said. In 1976, eager to enter the engineering duty officer program, Gooden sought and received a Navy ROTC posting at the University of Pennsylvania. While there, Gooden said he earned an M.S. Degree in Engineering and took business courses which “were instrumental in creating ISA.” In 1980, then a Navy lieutenant, Gooden resigned his regular commission, accepted a position in the Navy reserves and co-founded ISA with $600, an IBM Selectric typewriter and a busi- ness plan. Today, ISA’s cli- ents include NAVSEA, the U.S. Air Force, AETNA, Ford, Fred- die Mac and Honda of America Manufactur- ing Company. About 27 percent of ISA’s business is in the auto- motive sector.
Michael is not the only STEM profes- sional in his family. His only sister, Linda Gooden, is an EVP and leader of Lockheed Martin’s $12 billion Electronic Systems division. A brother, Duane, is an electrical engineer and president of a Lockheed/Ray-
theon joint venture for the Javelin missile. On holiday, Gooden remains a blue water sailor, one who served on the deep seas, piloting a Sabreline Sedan motor yacht in which he and his wife have sailed the eastern seaboard. “I left the Navy, but I couldn’t leave the water,” he said.
Racial bias was rife in the Navy then, but Gooden’s strengths prevailed. His math scores placed him in a radar program and then he studied naval tactical data systems. By 1968, as a first petty officer, the Navy sent him to Miami University to earn a B.S. Degree in Applied Science
82 USBE&IT I WINTER 2012
After that personal digression, Gooden spoke of his impression of the presidential meeting. He said it was very productive and it was beneficial to the president to under- stand the minority business perspective concerning many of the issues that the group raised. Gooden was hopeful that the efforts would bring about some needed changes.
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