By JPMorganChase

In 1945 in San Francisco, Victor and Charlotte Cortesi started V&C Foods with fresh eggs and a distributor’s vision. What makes the business distinctive isn’t just that it endured. It’s how succession actually happened. When Victor passed, his daughter Judy inherited the business and made a remarkable choice: she recognized that Steven Herrera, who’d spent years as a route driver being mentored by Victor, was ready to lead. She sold the business to Steven, ensuring the values and relationships that defined V&C would continue into its next chapter. Now Steven is mentoring his son Adam in the same way Victor developed him—teaching him operations, relationships, and what it means to lead through experience and responsibility.

V&C’s story reflects a broader truth about succession planning: long-term continuity often depends on intentionally developing the next generation of leadership, whether within a family or beyond it.

From Mentorship to Legacy

When Steven first arrived at V&C as a route driver, he was hungry to learn. Victor saw potential and invested in it. Over the years, Steven moved through sales, distribution, and operations—not just learning how the business worked but understanding why it mattered. By the time Steven purchased the business, he was a leader who’d earned his place through partnership and decades of trust.

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Steven arrived at the helm with deep knowledge of V&C’s operations and a clear sense of how to serve the Bay Area’s evolving restaurant industry. He understood the Cortesi family’s core principle: reliability and quality matter more than anything else. Under his leadership—and the support of his wife Liz, and his children Victoria and Adam—V&C expanded thoughtfully by building on those foundations rather than abandoning them.

“We want to be the vendor customers don’t have to worry about,” Steven said. “And Victor always preached about clear communication—sometimes trucks are late, but he always kept customers informed. I drill those principles into my son now. We don’t want to leave any customer hanging. That’s the mantra around here.”

Deliberate Development

According to recent Chase research, 54% of San Francisco small business owners expect to retire within the next decade. In a city where one in seven businesses have been operating for 20 years or more, ownership transitions will shape continuity in local commerce and community life—making proactive succession planning all the more essential.

V&C planned deliberately. The Cortesi family brought Steven in early and developed him through real responsibility. When Steven took the helm and began scaling operations, he had the continuity and clarity needed to grow. Now he’s creating the same culture with Adam—one where the next generation understands expectations and has the tools to lead.

“I had a lifetime of familiarity with the business. I even worked in high school and college during the summers, and my dad taught me how to drive one of the trucks when I was about 18,” Adam said. “So I’ve done every part of the job, just like my dad, and I think that’s helped me.”

For roughly two decades, V&C has partnered with Chase. When Steven took over and began scaling operations, having access to financial tools and a banking partner aligned with his strategy made navigating growth and transition clearer. Chase provided the guidance that supported each phase of the business’s evolution—from Victor’s leadership to Steven’s expansion to today’s preparation for Adam.

“V&C Foods shows what enduring leadership really looks like—developing people over time, creating clear expectations, and planning for transition before it’s urgent. We’ve been proud to support Steven and the team with the tools and guidance to navigate growth, stay reliable for their customers, and prepare the next generation to step in with confidence,” said Gary Li, Business Relationship Manager, Chase Business Banking.

The Pattern That Lasts

Succession planning works when businesses invest in developing leaders before they’re needed. Victor and Judy did this with Steven. Steven is now doing it with Adam. Each transfer happened because someone took years to teach, to trust gradually and let the next generation earn their place.

That’s what makes V&C’s story distinctive and what makes it transferable. Succession doesn’t require biological heirs alone. It requires clarity about what you’re building and the discipline to develop people who can steward it, even when that means passing it outside the family. Victor and his daughter, Judy, mentored Steven for years. Judy worked alongside him for many more before trusting him with the business. Steven is doing the same with Adam. But bringing someone along that way—investing years in their growth, then having the financial clarity to pass the reins—requires more than good intentions.

Chase for Business can help guide that work. Visit chase.com/NationalTreasures or speak with a Chase Business advisor to learn more about succession planning resources and how to build the clarity a business needs to thrive across generations.

This article is for Informational/Educational Purposes Only: The opinions expressed in this article may differ from the official policy or position of (or endorsement by) JPMorgan Chase & Co. or its affiliates. Opinions and strategies described may not be appropriate for everyone, and are not intended as specific advice/recommendations for any individual or business. The material is not intended to provide legal, tax, or financial advice or to indicate the availability or suitability of any JPMorgan Chase Bank, N.A. product or service. You should carefully consider your needs and objectives before making any decisions, and consult the appropriate professional(s). Outlooks and past performance are not guarantees of future results. JPMorgan Chase & Co. and its affiliates are not responsible for, and do not provide or endorse third party products, services or other content.

JPMorgan Chase Bank, N.A. Member FDIC.

©2026 JPMorgan Chase & Co.

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‘This is on the precipice of actually occurring,’ said Ray Bobbitt, buyers’ representative

By Post Staff

After many months of complex negotiations, the Oakland Coliseum development deal is finally nearing an agreement that will open the way for new owners – the African Americans Sports and Entertainment Group (AASEG) – to revitalize the sports complex and the Hegenberger Corridor in East Oakland.

On May 28, the Alameda County Board of Supervisors unanimously approved a non-binding agreement to dispose of the County’s portion of the complex for $115 million in a deal with AASEG, with a closing date set for June 30.

“People are seeing that this is on the precipice of actually occurring,” said Ray Bobbitt, founder of the AASEG and an East Oakland native. “People feel that this needs to happen for Oakland, for East Oakland in particular,” Bobbitt said, as reported in the East Bay Times.

The agreement would transfer ownership of the 112-acre Coliseum complex property, which was owned 50-50 by Alameda County and the City of Oakland, to Oakland Acquisition Company, which is AASEG’s real estate wing.

The County’s approval marks an important step in the sale of the property, even though concerns about environmental liability remain. Under the terms of the non-binding agreement, the county will pay $115 million to Coliseum Way Partners, the corporate entity of the Oakland Athletics that had previously purchased the county’s half of the property for $85 million.

AASEG will then pay $115 million to the County in three annual payments, with 5% annual interest paid on any outstanding balance, according to the term sheet.

AASEG already negotiated a purchase of the city’s half of the property for $125 million in 2025, awaiting the sale of the county’s half.

A strong supporter of the sale, Supervisor Nate Miley said he was not “breaking out the champagne” until the sale was final. This is not perfect, but it is good.

“It’s good because the County ends up with more money,” Miley continued. “It’s good because an African American team takes ownership of the property, and they’ve got a lot of potential in terms of what they want to do with the property.”

A remaining disagreement between Alameda County and the AASEG involves environmental concerns.

AASEG wanted a “carve-out” for environmental concerns so that it would not face liability for the release of groundwater into San Francisco Bay without a permit. Obtaining a permit could be time-consuming and expensive, requiring the need for consultants, studies, and an oversight process by the San Francisco Bay Regional Water Quality Control Board.

County supervisors unanimously supported the non-binding agreement without the carve-out, though Bobbitt said delaying or excluding the carve-out creates timing risks for the project.

“The motion is to accept the terms as presented, excluding the carve-out,” Board of Supervisors President David Haubert said. “Noting that it’s a non-binding term sheet and terms can always be discussed going forward. It’s been pointed out that that could affect the deal, timing, which we’ve been at this for nine years, but what’s a little more time?”

The deal includes the sale of the Oakland Arena to an unidentified third-party buyer for no less than $100 million, which Bobbitt said was one of the most important aspects of the site’s future redevelopment.

“The arena represents an anchor of the site,” said Babbitt. “This arena … has become a pop culture mecca, and the opportunity to enhance that and expand that is critical to the overall process.”

Speaking at the Board of Supervisors meeting, Miley explained the County’s reasoning behind some of the complex negotiations. He asked interim County Counsel Andrea Weddle:

“In layman’s term’s who’s on the hook for the environmental (cleanup)” under the current deal with the Oakland A’s?

“When the county with a former board entered in the deal with the (A’s), we took on all of the environmental obligations,” Miley said. “Since then, we’ve learned a lot more about the environmental conditions of the Coliseum.”

“If we do a deal with Coliseum Way Partners (the A’s), we remain on the hook,” she said. “If we do a deal as we’ve currently structured with OAC (AASEG), we have eliminated some or hopefully all (or) as much as we can of that liability and aligned our deal with the terms of the city.”

Bobbitt, despite his concerns, supported the nonbinding agreement. He said the public has waited nearly a decade to come to this point.

“The community support has been overwhelming,” he said. “We’ve used a lot of P-words: patience, perseverance, persistence. And we’ve just had to do it, and we understand how complex this has been.”

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