Guam banker takes leap of faith from corporate world to entrepreneurship

BY OYAOL NGIRAIRIKL
Journal Staff

It’s taken grit, sacrifice and a few hundred thousand dollars, but Billyscott Bernardo’s dream of entrepreneurship has come full circle.

In 2023, he bought South Pacific International Inc. and became principal of the company, a construction materials supplier of Division 8 items. As part of the construction industry’s CSI MasterFormat system, Division 8 covers “openings,” which includes doors, windows, frames and hardware, among other items.

A graduate of Guam Community College, where he took marketing courses, Bernardo went on to attend Babson College in Boston, known for its entrepreneurship program. He graduated in 1997.

After college, Bernardo entered the banking industry. He began at Bank of Guam and rose to serve as a vice president at First Hawaiian Bank until 2023. Throughout his banking career, he was drawn to the entrepreneurial side.

“Even at the bank, I was in the small business or corporate lending side,” he said.

For about 20 years, Bernardo played what he calls a supporting role. In particular, he specialized in the construction industry.

Through his industry contacts, he learned that the former owner of South Pacific International Inc. was looking to sell the company and retire.

After decades in banking, Bernardo saw this as his chance. This was around 2022.

“To be honest with you, I wanted to try something new,” he said. But he also admitted to having doubts about the timing. He was in his late 40s.

“I was worried that I had passed my prime and that maybe I wouldn’t have enough energy to keep up,” he said.

What he did know for sure was that he had accumulated a wealth of knowledge he could bring to the entrepreneurial side. Having tracked the construction industry for 15 to 20 years, he knew it was the field he wanted to enter.

“We saw there would be an influx in the construction industry … And I figured if there was going to be a field that would grow, this was it. We knew it would be really active,” he said.

Bernardo’s shift into construction materials comes at a time when Guam and neighboring islands are experiencing economic transformation, spurred largely by U.S. defense spending. Military-related contracts have created ripple effects across industries, particularly in construction, logistics, and professional services. 

The ongoing U.S. military buildup in Guam has provided what some call unprecedented opportunities for construction-related businesses like South Pacific International.

There have been billions of dollars in military construction in Guam over the last few years, with more expected. (See: 2024 Industry Forum touts $11B in military construction.)

Current military construction includes the ongoing development of Marine Corps Base Camp Blaz, the first new Marine Corps base in 70 years, which will house approximately 5,000 Marines transferred from Okinawa. Naval Facilities Engineering Systems Command Pacific expects to award contracts this year for a Guam Defense Radar System Command Center, along with a joint consolidated communications center at Andersen Air Force Base.

Other businessmen on Guam have also noted the increase in military activity and anticipate future growth. (See: Granite Obayashi JV awarded $97M NAVFAC project in Guam.) One business representative, responding to the Bank of Guam ASC Trust Top Companies survey in the May-June issue of Guam Business Magazine, said his company is looking forward to more opportunities.

In addition to his background and years of working with business owners and managers, Bernardo brought valuable insight to this next step.

“Knowing how things work and knowing how things operate, I said I’d like to give it a shot,” he said.

A couple of years in as principal of South Pacific International Inc., he’s enjoying the new role and relishing the experience.

“As a banker I would tell (customers) to make sure they watch their receivables,” Bernardo said. “And now, as a business owner, I’m taking my own advice … and it’s one thing to talk about it with your customers, it’s another thing to actually live it.”

He said there have definitely been some lessons learned.

“Learning the players and understanding the procurement process — that has been — let’s put it this way, it’s been interesting,” he said.

While he was already familiar with many people in the industry, much of his first two years in business were spent reintroducing himself.

“Having people get comfortable with me in my new role was important. Because people knew me as a banker, not as a materials supplier.”

He also had to learn the rhythm of the industry. Bernardo said Division 8 work means his products come in toward the end of the construction phase.

“It’s important to be in their minds as their cycle is going through because if you miss that window, then you’re out until they’ve completed that project and get on to the next one,” he said.

And while things have gone well, there’s also been significant sacrifice in transitioning from the corporate world to business ownership.
“One of the biggest sacrifices was the stability. Corporate life is very stable. Your (paychecks) come in almost like clockwork. And that’s good. But the likelihood of (income) jumping exponentially is not there,” he said. “With entrepreneurship, you can wrap up one big sale … or have a good year signing some good contracts … and things will change quickly.”

He said that while he was still getting his feet wet, “things were not stable.” His family had to adjust as he transitioned from a reliable corporate job to the uncertain world of entrepreneurship.

To strike a balance, he returned to the banking industry and is also now working at Bank Pacific as vice president and chief lending officer for commercial loans.

Bernardo said it was important to have the conversation early on — that he was working toward his dream while still providing a needed service with a new team.

While it makes for longer days, he appreciates the opportunity.

“It’s been very good. It gives me the stability of the corporate life but still the opportunity to grow something new.”

He said people often only see the success stories of entrepreneurs.

“You see the gals and guys that made it. But usually, we see them at the midway portion of the journey, or the end, when they’ve achieved,” he said. “But the start is filled with fear, anxiety, and sometimes doubt. And then you’re in it, you realize, yes, I can do this.”

Leaving the stability of the corporate world was a leap of faith. Friends called him after he left his job as a vice president at First Hawaiian Bank, checking in to make sure he was okay.

“There have been tough times,” he said.

He shared an analogy of a farmer planting fruit trees.

“I have to give the tree time to grow and blossom and in time it will bear fruits,” Bernardo said. “When things get tough, I remind myself, the tree is still growing.” mbj