Barry Gossett, Chairman Acton Mobile Industries
Commencement Speech, December 20, 2012
Robert H. Smith School of Business, University of Maryland
Good morning.
Dean Anand, platform guests, parents, friends and especially to you
the Smith School Graduates.
What an honor for me to be asked to speak to you and share
some experiences of my half century in the business world.
In preparing my talk – endeavoring to make meaningful remarks -I thought of the advice a friend gave me as I prepared to address our
sales force of 200 plus individuals --Barry -- Be brief but meaningful ---- remember --the mind can only absorb what the butt can endure!
Knowing your thoughts are concentrated on receiving your degree
and celebrating this significant step in life’s journey …
I promise to be brief --- you will determine if it’s meaningful..
As a Regent in the University System of Maryland I have attended
numerous graduations in the past 5 years, hearing many
commencement speakers and messages –some long -- some boring -some short and to the point -I remember 2---one because it was so long ---35 minutes --- the other
because it was delivered 4 years ago by the Chancellor of the California
System who said “I will give you 5 things to remember that will help you
after graduation” --- Even at my age I still remember 4 of them
--- read a book --- check the bag when leaving the drive in window--don’t pay off your Visa with your MasterCard--- and when going for a
job interview cover your body art and piercings. All useful
Here are 5 points I would like to share in the next few minutes that
helped me in life and business since I left college..
But I must say life has been so much fun---including tragedies and
successes --- I could spend considerable time sharing experiences --but time is the resource we don’t want to waste.
Number 1
FALL IN LOVE
Don’t immediately think I am Dr Phil with advice on personal love life,
however I do think it’s important you find someone to share your life
with -- if that has not happened yet, it will in due time.
I am really encouraging you to find something that excites your
business and intellectual passion – something to stir your inner
thoughts --- something that makes you giddy – so much so it infects
those around you!
This may take time – don’t be in hurry because what may be your
ambition today may not be your vocation tomorrow.
My professional career started in Public Accounting -- I was very happy
and looking back would never trade those 7 years for anything—
But it led me from auditing and analyzing numbers for clients to asking
questions about how their business operated before advising them
about how to improve financial results.
I became more intrigued by the operations and making money than
reporting and opining about it.
Yes I ended up working for a client and quite by accident became part
of one of the “small business” operations apart from the mainstream
business a real estate development and construction company.
After my first exposure I became fascinated with the business of
leasing mobile offices and building modular buildings!!
I soon realized this business had many facets and we could make
something great because viewing the business as “providing work
environments on a temporary basis” to anyone needing space was
different than providing just a box on wheels---as many competitors did
in those days---we provided value to our customers
Value that permitted them to be successful in their business ---they
were happy while paying us a premium price.
The most important thing about building the business over 30 years --from 11 to 1100 team members was finding people who believed in
that mission --- serve our customers—and we did this!
In fact we adopted the motto “Quality is our reputation”
We did this with no employment contracts – once people joined us and
after the first year’s evaluation period very few left
we all worked together and HAD FUN --- some who started in the
1970’s are still there.
NUMBER 2 BUILD RELATIONSHIPS ---- DON’T DO DEALS
The success of our business ---- and I believe of any enterprise is the
ability of each team member to contribute his or her skills working as
part of a team to meets the company’s mission.
Success is achieved if each member of the team understands the
product or service of the enterprise --- both from the provider and the
user prospective.
As a provider know in detail what your product does and then ask
questions of your customers to LEARN how your product becomes
valuable to their operation.
Even in today’s world of point-click-buy ---the transaction will require
human intervention at some time before customer satisfaction is truly
achieved.
In all instances --- honesty and integrity --- are the primary ingredient to
establishing, building and continuing a relationship.
Early in our business we made a careful and calculated move to provide
large modular buildings to our customers.
We were one of two finalists to provide a large building when the
customer asked if we could deliver the turnkey project in 4 months,
not 6 as the specifications required. After much soul searching we
informed the customer we could not meet the schedule. You need to
know what you can’t do!!
Our competitor did --- but with a substitute product. A disappointment
for us but we read Winston Churchill NEVER NEVER NEVER GIVE UP
The customer needed a second building and called us to provide it—
without bid or invitation to others. We were awarded the job because
of our honesty, integrity and reputation for quality work. This turned
into a $7 million project for a small company whose volume was $25
million at the time.
NUMBER 3 MANAGE YOUR DEBT
Personal and business debt is an important element in your growth. My
early training in public accounting emphasized the need to be
independent and objective when evaluating the financial position of an
enterprise. I was in the position to learn the requirements of both
lender and borrower and how decisions were made regarding financing
decisions.
The most important lesson for both was to remain objective
about the value and amount of debt.
Too much debt will sink you
Too little debt may keep you from growing a great business.
Understanding the operations and culture of the business is key to any
financial relationship.
It’s more about the people than the paperwork
Leverage in the correct proportion can propel the enterprise to success.
Don’t borrow more than you need and always make the payments on
time.
Ours was a capital intensive business and as such our lenders were
treated as owners when it came to sharing information -- good and
bad.
Everybody with “skin in the game” needs to be kept informed about
operations not just the numbers.
I say this because many tend to look only at the monthly , quarterly, or
annual financial statements -- the scorecard—as the primary source of
information about the enterprise.
While the scorecard is important I believe it’s more important for you
to understand
the game (BUSINESS OPERATION) and how it’s played
the players (MANAGERS AND TEAM MEMBERS) do we have the right
people
opposing teams (COMPETITORS) their advantages and weakness
and owners (INVESTORS AND LENDERS) expectations.
Remember playing the game correctly and fairly puts you in the
winner’s circle
The scorecard tells others how well you played the game.
NUMBER 4 USE TECHNOLOGY ---- DON’T LET IT USE YOU
My first marketing/sales effort was using the Fortune 500 list of
companies and cross referencing them with Dun and Bradstreet to get
the names of officers and locations permitting us to get to the decision
makers.
You probably are asking what was that ---- now you just Google the
name and all the information is on your laptop or cell phone.
Information has become so readily available--- a whole world of
knowledge is at your fingertips on a devise you hold in one hand---how
amazing is that!!! More amazing to me because I started in the carbon
paper age.
Communication is much easier and almost every part of the globe is
accessible to you in words and pictures---the world is really flat.
That means your competition is not just in the next town -- as it was
when I was growing up—it’s halfway around the world—but you know
that--- you have been taught technology and its use.
You have forgotten more than I will ever learn.
6 years ago my niece, a student at LSU, introduced me to Facebook --showing me that with a simple click of the mouse she learned her
roommate was at the mall.
My question was --- that is important why?
I still don’t have a Facebook account.
I am of the snail mail age – you know having to actually write a letter
place it an envelope ---put a stamp on it --- take it to the post office
and hope it gets delivered in the next week…
but it’s truly a confidential message between two parties.
Remember you are part of the information age – the good and the not
so good—what you send and receive on your personal or business
electronic accounts is fair game for all to look at—
Before touching the send key --- read the message, are you sure that’s
what you want to say? -----And want others to read?
Remember nothing ever really gets deleted -- you can ask Oliver North
Don’t be a victim of your own ability to tell or show the world anything
you want too.
NUMBER 5 GIVE BACK
In time each of you will learn that the cost of your education exceeded
your tuition bill. I know that’s hard for you to believe.
But even your tuition was supplemented by state support, grants and
philanthropic support. Some of you received scholarships or other
grants in aid to help you get this wonderful education.
Thank you parents or guardians for their help---I suspect they have
done many things big and small, known and unknown for you that
aided in your getting to today’s event.
Thank them today and keep thanking them, you only get one set.
Staying part of the University will enhance your success and believe me
the more successful the University becomes a greater value is ascribed
your degree.
Now that I have retired from business, I receive great satisfaction from
helping and teaching others, investing in philanthropic activities with
time, experience and financial support. It’s more rewarding than you
can imagine---it truly rewards the heart.
One quote I will share on the subject comes from Waite Phillips of oil
company fame who gave the 135,000 acre Philmont ranch to the Boy
Scouts of America in 1941.
He said “the only things we keep permanently are those we give away’.
I know that to be true.
So in conclusion let me just say:
FALL IN LOVE
Do this with your vocation and you will never work a
day in your life.
BUILD RELATIONSHIPS DON’T DO DEALS relationships you build with
your classmates and others will last a lifetime keep building
MANAGE YOUR DEBT Return what you borrow with interest
USE TECHNOLOGY DON’T BE A VICTIM Think before posting or
sending
GIVE BACK start now to give of your time, talent and resources. It’s
good for the heart.
Above all, as my father would tell me “we are a short time here and a
long time gone” so enjoy the ride and HAVE FUN EVERYDAY!!
ONCE A TERP ALWAYS A TERP
Congratulations and God Bless you all real good!!