Q: Attracting the right people with the right skills must be very different for a company approaching $13 billion than for a smaller company. How do you go about looking for new team members?
A: It’s not easy. You have to make sure your management subscribes to the DNA. So how do we get management? Three ways: First, we grow from within—but we can’t keep up because we’ve grown faster than we’ve been able to grow from within. We have a philosophy of promoting from within. Several of our senior managers do not even have a university degree.
Second, we go outside to recruit, but that is not so easy. It’s not unheard of to have a dozen interviews to meet all of senior management. It may take as long as a year—something we get criticized for—but we want to be careful that we’re not hiring on technical merit alone. The test I like to give is, ‘Can that guy run a good summer camp? Will he get everybody to play well in the sandbox?’
Third, about 25% of our sales are in joint ventures where we own less than 100%, but more than 50%. We get talent that we couldn’t afford to hire, because they’re partnering with us in the way they would partner with private equity. [In turn], we provide an orderly
way for them to liquidate their positions. This allows us to gain enormous talent. Because it’s not possible for any one company to have all the expertise that one needs.
Q: What advice would you offer entrepreneurs who are trying to build up their closely held companies and establish a bigger market for themselves?
A: It’s all about people and results—but mostly about people. Perhaps in real estate it’s about finding the right location, but our business is a people business. Our lead director is Phil Laskawy from EY. I would submit to you that he brings more to our board than you can imagine, because we are closer to EY than to a product company. We’re a people business.
The question is, how do you get all these people to work together? And that’s what you focus on. Go get the best talent—make it the best that you can afford. Make an environment where people like to work and have everybody working together for the betterment of the customer. It sounds easy. It’s not easy. The execution is difficult.
NOTE: Stanley Bergman was honored as Chief Executive’s 2017 CEO of the Year on Tuesday, July 18, at an invitation-only dinner event at the New York Stock Exchange. In attendance was more than 100 of his CEO peers and business colleagues.
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1:00 - 5:00 pm
Over 70% of Executives Surveyed Agree: Many Strategic Planning Efforts Lack Systematic Approach Tips for Enhancing Your Strategic Planning Process
Executives expressed frustration with their current strategic planning process. Issues include:
Steve Rutan and Denise Harrison have put together an afternoon workshop that will provide the tools you need to address these concerns. They have worked with hundreds of executives to develop a systematic approach that will enable your team to make better decisions during strategic planning. Steve and Denise will walk you through exercises for prioritizing your lists and steps that will reset and reinvigorate your process. This will be a hands-on workshop that will enable you to think about your business as you use the tools that are being presented. If you are ready for a Strategic Planning tune-up, select this workshop in your registration form. The additional fee of $695 will be added to your total.
2:00 - 5:00 pm
Female leaders face the same issues all leaders do, but they often face additional challenges too. In this peer session, we will facilitate a discussion of best practices and how to overcome common barriers to help women leaders be more effective within and outside their organizations.
Limited space available.
10:30 - 5:00 pm
General’s Retreat at Hermitage Golf Course
Sponsored by UBS
General’s Retreat, built in 1986 with architect Gary Roger Baird, has been voted the “Best Golf Course in Nashville” and is a “must play” when visiting the Nashville, Tennessee area. With the beautiful setting along the Cumberland River, golfers of all capabilities will thoroughly enjoy the golf, scenery and hospitality.
The golf outing fee includes transportation to and from the hotel, greens/cart fees, use of practice facilities, and boxed lunch. The bus will leave the hotel at 10:30 am for a noon shotgun start and return to the hotel after the cocktail reception following the completion of the round.
