PROVO, Utah (ABC 4 Utah) - A local entrepreneur is using his wealth to build up the Beehive State -- and give fellow entrepreneurs the financial boosts they need to be successful.
For this week's Utah Success Story, Ali Monsen went to Blue Diamond Capital LLC to see how they do it.
Mark Bingham is always looking for his next opportunity.
"If anybody knows me, I'm a Type-A type of guy," he smiled.
At 77 years young, the co-founder of the company still wakes up early each morning and comes to work with his wife Debbie, full of ideas.
"It's not just [about] making a whole bunch of money. It's just finding those opportunities that can create something, and I like to create," he explained.
Bingham learned early on that creating does come with challenges. He spent 37 years dealing with ups and downs of publishing phone directories.
"One time back there, we had to bet the whole farm, and that was some very difficult years," he recalled.
Always thinking ahead, Bingham sold Phone Directories Company at the right time to pursue a new opportunity.
"After they fired me, we started a company called Blue Diamond Capital," he said.
An investment management company worth more than $500 million, Blue Diamond Capital gives entrepreneurs and developers the financial boosts they need take their projects to the next level.
"We've invested anywhere from a million dollars to our largest project [which] is just under $15 million," said Mike Bingham, Chief Investment Officer [CIO] for Blue Diamond Capital.
Bingham points to success stories all across Utah. Examples like EDGE Homes, Sportsman's Warehouse, construction companies, apartment complexes, and major hotels are all thriving today, thanks to the expertise of their team.
Right now, the group is hard at work with the Clyde Companies on their latest project, a whopping 3,000-acre development in Southern Utah. Slated for 10,000 homes, commercial retail, a sports park, health care, and even a possible Dixie State University expansion, project leaders say people in Washington County will start seeing the Desert Color development going up within five years.
"Utah, for so long, was kind of this hidden secret, and we're spreading that word," the CIO said. "We've actually started a fund where we're going to go raise institutional investors... We're going to go raise capital from New York, from Dallas, from L.A. -- from the big money centers... and we're going to bring additional capital to Utah," Bingham explained.
With assets on every corner and counting, Mark and Debbie point out just one problem.
"The trouble is, the more money we give away, the more we make," they laughed.
That is why these down-to-earth Utahns are now investing back into their home state with philanthropic work like cancer research and education.
"Obviously, we've been very blessed with what's happened to us in our life, and we do feel that we need to pay it forward," Debbie said.
After all, everyone has something valuable to contribute to the community. They say sometimes all people need is someone to give them an opportunity.
"That's what we like to do is make a difference," Mark smiled.
Hint: It's not actually in the…
A Utah-based company is trying to make sure your little bundle of joy…
An up-and-coming company is making it easy and inexpensive to access…