Description
How Amazing Entrepreneurs Succeed in Tough Times
20660 Stevens Creek Blvd., Suite 210
Cupertino, CA 95014
“ The 24-Hour
Tur nar ound”
Book Excer pt
How Amazing Entrepreneurs Succeed in
Tough Times
By Jeffrey S. Davis
and Mark Cohen
ii
BOOK EXCERPT Table of Contents
• Chapter 1: Introduction to the 24-Hour Principles
• Chapter 2: When You Are Driven to Be the Best
• About the Authors
• Getting the book and other books from Happy About
C o n t e n t s
The 24-Hour Turnaround iii
NOTE: This is the Table of Contents (TOC) from the book for
your reference. The eBook TOC (below) differs in page
count from the tradebook TOC.
Chapter 1 Introduction to the 24-Hour Principles. . . . . 1
Chapter 2 When You Are Driven to Be the Best:
Jerry Hyman, CEO, TriMark USA, Inc . . . . . . 7
The Company Background: Small Family Business
to National Leader . . . . . . . . . . . . . . . . . . . . . . . . . . .8
The Development of the CEO . . . . . . . . . . . . . . . . . .8
Problems and Challenges . . . . . . . . . . . . . . . . . . . .10
Vision and Organizational Strategies . . . . . . . . . . . .12
24-Hour Key Principle. . . . . . . . . . . . . . . . . . . . . . . .13
Leadership Style. . . . . . . . . . . . . . . . . . . . . . . . . . . .13
Communication Built on Trust . . . . . . . . . . . . . . . . .14
Message and Lessons . . . . . . . . . . . . . . . . . . . . . . .15
Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17
Chapter 3 Turning Adversity into Competitive
Advantage:
Karen Bressler, President and CEO,
AGAR Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
The Company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21
The CEO. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22
AGAR's History. . . . . . . . . . . . . . . . . . . . . . . . . . . . .23
Organizational Chaos. . . . . . . . . . . . . . . . . . . . . . . .27
Succession and Action Steps. . . . . . . . . . . . . . . . . .28
Leadership Style. . . . . . . . . . . . . . . . . . . . . . . . . . . .30
Lessons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31
Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33
Chapter 4 From Humble Beginnings to a Market
Leader:
Richard Cohen, CEO, Classico
Productions . . . . . . . . . . . . . . . . . . . . . . . . . 37
The Company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .37
iv Contents
The CEO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Company's History. . . . . . . . . . . . . . . . . . . . . . . . . . 39
Getting Started. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Problems and Challenges . . . . . . . . . . . . . . . . . . . . 40
Strategies and Action Steps. . . . . . . . . . . . . . . . . . . 41
Leadership Style . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
Message and Lessons . . . . . . . . . . . . . . . . . . . . . . . 44
Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
Chapter 5 Driven by Diligence, Loyalty, and
Rewarding Excellence:
Ken Ferry, CEO, iCAD, Inc. . . . . . . . . . . . . . . 51
The Company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
The CEO: Measurement Is Key and Everyone
Counts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
iCAD's History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
Challenges and Problems . . . . . . . . . . . . . . . . . . . . 53
Importance of Being Visible . . . . . . . . . . . . . . . . . . . 55
Strategies and Action Steps. . . . . . . . . . . . . . . . . . . 56
Organizational Philosophy. . . . . . . . . . . . . . . . . . . . 58
Communication and Meetings . . . . . . . . . . . . . . . . . 59
Celebrating Accomplishments . . . . . . . . . . . . . . . . . 60
Lessons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
Acknowledgement for Success Well Earned. . . . . . 62
Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
Chapter 6 From Star Struck to Entrepreneurial Star:
Joel Rabinowitz, CEO, The House . . . . . . . . 67
The Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
First J ob: Record Store Manager/District Manager . 69
Second Business—"My own little agency". . . . . . . . 69
Business Three: Things Really Take Off—
Backstage Pass . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70
The End of a Great Run. . . . . . . . . . . . . . . . . . . . . . 72
Close a Door and Open Another . . . . . . . . . . . . . . . 73
Business Four: The House—Friends Make
Business Partners . . . . . . . . . . . . . . . . . . . . . . . . . . 73
The CEO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74
Like Father Like Son . . . . . . . . . . . . . . . . . . . . . . . . 75
Message and Lessons . . . . . . . . . . . . . . . . . . . . . . . 77
Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78
The 24-Hour Turnaround v
Chapter 7 Using a Higher Purpose to Create
Greatness:
Russell Robinson, CEO, Jewish National
Fund (JNF) . . . . . . . . . . . . . . . . . . . . . . . . . . 83
The J ewish National Fund . . . . . . . . . . . . . . . . . . . .83
The CEO. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .83
Company History . . . . . . . . . . . . . . . . . . . . . . . . . . .85
Problems and Challenges . . . . . . . . . . . . . . . . . . . .86
Strategic and Action Steps . . . . . . . . . . . . . . . . . . . .88
Taking Risks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .90
Leadership Style. . . . . . . . . . . . . . . . . . . . . . . . . . . .92
Message and Lessons . . . . . . . . . . . . . . . . . . . . . . .93
Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .94
Chapter 8 The Road to Success in 24 Hours . . . . . . . 99
Appendix A 24-Hour Turnaround Scorecard . . . . . . . . 103
Part I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .103
Part II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .109
Authors About the Authors. . . . . . . . . . . . . . . . . . . . . . . . . .115
Books Other Happy About®Books. . . . . . . . . . . . . . . . . .119
vi Contents
The 24-Hour Turnaround 1
C h a p t e r
1
Int r oduct i on t o t he
24-Hour Pr i nci pl es
The concept for this book started with the need
for an answer to a critical question: Why in the
most turbulent economy in eighty years, have
some leaders of small and mid-sized companies
demonstrated common traits that enabled them
to perform exceptionally well and become
leading companies in their fields?
Based on our years of experience and on-going
research, we have chosen six outstanding entre-
preneurs. Using their stories as told in their own
words, we show how they progressed and led
their companies to market leadership and un-
imagined financial success. In this book, we
identify the traits, which we call the "24-Hour
Principles for Success." Our findings further
showed that companies that focused on imple-
menting these principles will start to see
evidence of improvement within 24 hours.
We pay tribute to those people who are the
unsung economic heroes of this economy. They
are not the people you see or hear about in the
news or the people you read about in magazines.
Their organizations are not the part of the
economy that got us into trouble. They are not
2 Chapter 1: Introduction to the 24-Hour Principles
making annual salaries that are more than we expect to make in a
lifetime. These are the people who have built companies into regional,
category, or national market leaders with lasting value.
You will not hear about these companies on CNBC or read about them
in The New York Times. If you read the job reports you can see it is
small and medium-sized businesses that are doing most of the new job
creation. It is well documented that entrepreneurs are the engine that
fuels job growth in this country. Government statistics show that about
75 percent of all new jobs come from entrepreneurial businesses. And
while big companies shed jobs quickly, bowing to antsy shareholders,
smaller firms are not afraid to start hiring when they find the best can-
didates. They lead the way out of the recession; they don't wait for a
wave of improved economic news to carry them. Their ability to act and
not just react fast is what this book is all about.
In talking about economic heroes we do not take the concept lightly or
mean to minimize the courage of people who risk their lives to save
others. Economic heroes are the people who have risked their liveli-
hood, mortgaged their homes, sacrificed family and friends, and
stepped into daunting situations and have as a result achieved levels
of success most entrepreneurs dream of. They carry the weight of their
employees and the businesses they serve. They create jobs, expand
industries, and add to the quality of life of our society. As Benjamin
Franklin said, "Energy and persistence conquer all things." In fact,
Franklin is an example of an economic model citizen and entrepreneur-
ial leader. He was practical, frugal, and ultimately through his multiple
business ventures was a model entrepreneur.
These are stories of CEOs who have endured adversity and found
ways to succeed. They felt the pain but kept finding ways to take stock
of the world around them and kept re-inventing themselves. The stories
come from our experience with over 700 companies spanning 25
years. The companies are public, private, family-operated, or non-prof-
it. Companies like these are the basis of our economy. According to a
recent Small Business Administration's Office of Advocacy survey,
small businesses—firms with fewer than 500 employees—provide jobs
for more than half of the nation's private workforce.
The 24-Hour Turnaround 3
The leaders in the following chapters practice all of the 24-Hour Princi-
ples. Each chapter and person embodies these principles. They are all
from different segments of the economy, industries, countries, and
backgrounds. Each one practices these principles of leadership and
management. Through intelligence, experience, integrity, and drive
they have found the formula for success. They are the children and
grandchildren of electricians, butchers, shop-owners, housekeepers,
bookkeepers, managers, clerks, engineers, and even the children of
Holocaust survivors. They are leaders who had the determination to
overcome adversity and the self-confidence to inspire people to follow
them. As you get to know where they came from and who they are
today, we believe you will relate to them and learn what you need to do
to succeed like them. In their own words, they will share about their
roots, experiences, and the relationships that changed their think-
ing—and how this helped them achieve total success.
This book is about the kinds of companies most of us operate or work
for and have no option other than to succeed. We hope you will
implement the principals so that you can thrive as well. The chapters
show how each company gained an advantage and learned how to
win. As business advisors, we're often asked if people can change. The
answer, of course, is that it depends, but the stories in this book show
that anyone can adapt quickly and wisely, and ultimately win.
We want you to come away with an understanding of how to make
quick and concrete change that you can start to implement in twenty
four hours. These changes can have a lasting effect. We are present-
ing these stories of triumph and innovation as a practical prescription
for entrepreneurial success in a turbulent economy.
We have provided a practical guide that is in an understandable format
for entrepreneurial leaders to better diagnose themselves, their orga-
nizations, and their marketplace. This book will help you make the
practical changes you will need to survive and thrive in the face of
economic uncertainty.
4 Chapter 1: Introduction to the 24-Hour Principles
Measur i ng your l evel of l eader shi p and or gani zat i on agai nst
t he 24-Hour Tur nar ound Pr i nci pl es:
As you read the stories about the entrepreneurs in this book you will
notice that each one has been scored against the principles of success
of a 24-Hour Leader. All the entrepreneurs that we chose for this
edition showed exceptional talent, determination, and values. Each
one painted a unique entrepreneurial canvas and demonstrated their
skills and success in their own unique fashion.
The final chapter of the book provides aspiring 24-Hour Leaders with a
practical self-assessment tool to measure your own organization
against the 24-Hour Turnaround Principles. These tools will give you
an efficient way to get a snapshot of where your organization excels
and where you should focus your time and attention to build a more
outstanding leadership and growth organization. Our hope is that
through understanding a specific aspect of each leader that we
featured, you can then use the 24-Hour self-assessment tool and can
begin to define a clearer path to your own remarkable results.
The 24-Hour Turnaround Principles include:
1. Vision and strategic plan that reflects the leader's personality,
personal and family history, ambitions, goals, dreams, industry,
and economic reality
2. Guiding principles and code-of-conduct that all employees know,
understand, and follow
3. Relentless communication
4. Financial planning
5. Raising the bar—organizational and executive development as
an essential element to success and leadership
6. Final decision maker, with the ability to gain support for tough de-
cisions
7. Solicit help and support
8. Excellence from everyone—provide employees with tools and
professional growth and development opportunities
9. Implement and use technology for monitoring, management, fi-
nance, and growth
10. Facilitate continuous positive action
The 24-Hour Turnaround 5
Again, these principles are intended as the key elements of a practical
prescription for entrepreneurial success in all business situations.
As you read each success story you will gain a more thorough under-
standing of the 24-Hour Principles and the elements for your success.
At the end of each chapter we provide a score for that entrepreneur
and highlight how their success reflects their application of the 24-Hour
Turnaround Principles. The tools at the end of the book enable you to
do exactly the same thing for your organization.
6 Chapter 1: Introduction to the 24-Hour Principles
The 24-Hour Turnaround 7
C h a p t e r
2
When You Ar e Dr i ven
t o Be t he Best
As soon as you meet J erry you realize that he is
a force to be reckoned with. He knows what he
wants, he knows how to get it, and he will be re-
lentless in achieving his objectives. His commu-
nications with his staff are in a type of shorthand
in which he prefers concise messages that get
right to the point. This philosophy is reflected in
everything he does. It all seems remarkably
simple and methodical.
J erry is a leader who is calm, consistent, tough,
and calculating. The nature of his business
requires him to spend much of his time negotiat-
ing deals. He prides himself in being a hard and
talented negotiator. He is also incredibly loyal.
He gives, expects, and rewards loyalty, but that
does not stop him from making difficult decisions.
He has earned the respect of the people around
him, both inside and outside TriMark, because
they recognize that his goal is to get results and
he stays laser-focused on achieving that goal.
People who know J erry say that you can see
steely determination in his eyes. In a game of,
"Who's going to blink first," it is a good bet that it
won't be J erry.
Jer r y Hyman, CEO, Tr i Mar k USA, Inc.
(ht t p: //www.Tr i Mar kusa.com)
8 Chapter 2: When You Are Driven to Be the Best
The Company Background: Smal l Fami l y
Busi ness to Nati onal Leader
TriMark USA, Inc., formerly known as the United Restaurant
Equipment Company, was founded in 1947 by Harry Halpern. Viewed
as the best run company in its category, it is projected to soon become
the country's largest provider of design services, equipment, and
supplies to the foodservice industry. TriMark is committed to retaining
its position as the market-leading supplier to independent restaurants.
J erry started as a sales person in the showroom, and over two decades
he worked his way up through the company's ranks to become
president of TriMark United East in 2000. In 2005 he became president
and CEO of TriMark USA. TriMark provides foodservice operators with
solutions to their most complex requirements. Today the company
earns approximately $600 million in revenue in 13 offices nationwide.
Since the economic crisis that began in 2008, the company has grown
while the rest of the industry has contracted. The company has added
over 150,000 square feet of warehouse space in three different loca-
tions.
TriMark employs kitchen engineers and interior designers who draw
the plans and specify the products to accomplish their mission of
supplying everything that goes into a restaurant. You can eat at a res-
taurant every night of the week and never know the name TriMark. It's
not a marquee business. They live in the background but they supply
everything that you see in a restaurant from the physical plant and
equipment to all the china, glassware, linen, etc.
The Devel opment of the CEO
"I knew from an early age that I wanted to be a businessman. I always
was going to be the guy who worked in an office and had a briefcase.
I had a lot of awards and recognition as I was growing up. I won the
Congressman's Medal of Honor. My parents were, of course, very
proud. Because of all my accomplishments, I got a lot of positive feed-
back." J erry was a psychology major at Cornell. During college he
worked, but was trying to figure out what he wanted to do with his life.
The 24-Hour Turnaround 9
"I was the first in my family to go to an Ivy League school. My last two
years at Cornell I was a bartender to make extra money. My parents
paid for my education and weren't wealthy. After I graduated, I sent out
my resume and tried to find a job in psychology, without much success.
The guy that I was working for as a bartender offered to take me in as
his partner. The deal was that I would open additional bars with him,
with no investment, just sweat-equity. He had access to capital, and he
said, 'I will take you in as a full partner. I have enjoyed working with you
these last two years. Let's go out and open some more college bars.' I
was 21 and this all sounded pretty cool to me. So I did it. I said, 'Mom,
Dad, I'm not coming home from Ithaca, I'm going to stay here, and I'm
going to run bars.' Of course their reaction was, 'We just spent $45,000
dollars to send you to Cornell and you're going to be a bartender?' I
said, 'Yup, that's what I'm going to do.' As you can imagine, that didn't
go over very well."
Similar to other leaders in this book, J erry demonstrated the 24-Hour
leadership characteristics early in his career. J erry stood out as a
22-year-old partner in several bars, he was a young kid with a lot of
money.
"I bought myself a Fiat Spider convertible. I had an apartment in Ithaca
and another in Binghamton and even found time to work on my MBA.
It was an amazing lifestyle. The bar at Ithaca would close at 1 a.m. I
would cash out and work with the employees to clean up. Then I'd get
in my car at 1:30 a.m. and drive to Binghamton, and I'd be in Bingham-
ton at 2:30, just in time for that bar to close at 3. I would cash out, and
close the bar around 3:30 in the morning… At the time, I carried a gun
in the glove box of the car because I would make the bank deposit and
had to be in a position to protect myself. What you read is true. People
wait for the guy coming out of the bar at 3 o'clock in the morning with
the bag of money."
J erry became immersed in a fantasy lifestyle of fast everything. But in
the end, all of it was burning him out. The fast cars, fast life style and
endless days and nights were starting to lose the sizzle and it was not
working for him anymore, he knew that it was time for a drastic change.
"After four years, I sold my share to my partner. I packed up my stuff
and went home. I tried to think of what I wanted to do. I found myself
thinking about what I liked over the last three or four years in running
10 Chapter 2: When You Are Driven to Be the Best
these bars. It occurred to me that what I liked best was the process of
planning, designing, and building the new establishments. That's what
I found really exciting."
"One day I noticed an ad in the newspaper for a restaurant supply
company in North Smithfield, RI, a family-owned business called
United Restaurant Equipment Company. It was an ad for an entry-level
position to work at the counter in the showroom. I interviewed with Bob
Halpern, the founder's son. Bob said, 'Okay, let me get this straight.
You're applying here for an entry-level position, which pays minimum
wage, to work at the counter in the showroom. You have an Ivy League
degree. You have two-thirds of your MBA done. You've run successful
businesses as an owner. And you're going to come to work in an entry-
level position?"
This was the job that J erry was looking for and he made his case. He
made it clear that for him, this job was not about money or title. Most
importantly, with supreme confidence he made the point that, if given
the chance, he would be a great asset to the company and would move
up the corporate ladder. J erry was hired and over time his plan became
reality.
"I started working in the showroom in 1981, and I've been with the
company ever since. At the time the company was doing about $10
million and now it is over $600 million. I have worked in every depart-
ment. It was a small company, maybe 40 employees and I did every-
thing. I got the trucks out in the morning. I worked in the estimating
department and then became the sales manager. Eventually I was the
head of customer service, vice president of sales, general manager,
and then president. I just worked my way up."
Probl ems and Chal l enges
"We try to get people to realize they should let the family move on in
life.Sometimes, though, families hold on. And then they have nothing."
- J oel Getzler, Family business consultant
The 24-Hour Turnaround 11
Even under the best of circumstances, family-owned businesses are a
challenge. It's impossible to separate the family dynamics from the
business. The business will always reflect the family for better or for
worse.
J erry worked hard to develop superior work habits and as a result he
stood out. He arrived daily at work at 7:40 a.m. reviewing overnight
shipping reports and meeting with his senior VPs before returning to
study sales, back-orders, and cash and receivables reports.
"After a number of years, I was the only executive that was a non-family
member. So I dealt with all those organizational issues." As the
company grew, the family made the decision to sell TriMark to a private
equity company. "Bob Halpern became CEO of the parent company,
and went out and began to try to acquire other companies. When Bob
became CEO, I became president of TriMark. That was very difficult."
Part of the difficulty was that J erry was promoted over family members
already in the business, so there was lots of tension.
Under J erry's astute leadership the business continued to grow and
change. More acquisitions were on the horizon and members of the
family were being passed over as J erry gained more authority. J erry
was gaining more power and control. On the surface this was not a
situation in which there appeared to be issues between family
members and non-family executives.
"We acquired four companies, and then in 2000, 2001 the economy
changed. The company had grown from about $10 million when I
started to close to $60 million. Then after acquiring the four companies,
we grew to about $125 million, both through organic growth and acqui-
sition. Then the acquisitions stopped. But we continued significant
organic growth. After about five years or so our equity owners decided
that it might be a good time to sell us. We were at about $175 million
in sales."
"Bob was in his mid-60s. He built a home in Florida, was semi-retired
and eventually retired completely. I became CEO of TriMark USA on
March 1, 2005, and around that time we were sold to the Audax Group,
so we had a new infusion of capital."
12 Chapter 2: When You Are Driven to Be the Best
J erry was a keen student and gained a lot of valuable experience and
perspective on the industry and the sale of the company that he would
use again and again to his advantage. "Prior to the sale, I gave many
management presentations to the suitors. The audiences ranged from
big box home improvement chains who thought they might like to get
into the restaurant supply industry to our competitors. I presented to a
huge number of Wall Street folks and all kinds of private equity compa-
nies. What I found is that food service operations is an industry that
everybody can relate to. Everybody has a favorite restaurant. When I
explained to people what we do, they realized that they simply hadn't
thought about how a restaurant comes into being. They hadn't thought
about the fact there is a company and an entire industry that has
kitchen engineers and interior designers who draw the plans and
specify the products. Companies like mine supply everything that goes
into the restaurant and then handle all of the re-supply needs, the
china, the glassware, the pots, and the pans. When you're in a restau-
rant, everything that you see comes from a restaurant equipment and
supply company. People get into that, especially these days with all of
the celebrity chefs. They get it and they say, 'Wow, that's pretty
neat…here's a company that creates all these restaurants."
Vi si on and Organi zati onal Strategi es
From the beginning J erry's vision has been for TriMark USA to be the
largest equipment and supply dealer in the world. In 2009 they were
number two and clearly moving in on the number one position. The
company strategy included consistent, concise, and clear communica-
tion that supported improved productivity at all levels. A guiding
principle was to ensure that the company's employees were all aiming
for the same target. Achieving this goal and doing it as a company-wide
initiative is clearly a point of emphasis for J erry.
The 24-Hour Turnaround 13
24-Hour Key Pri nci pl e
Leadershi p Styl e
Being CEO was a different kind of transition than J erry was prepared
for. "Nobody taught me how to be a CEO. I didn't go to CEO school. It's
interesting how different kinds of people progress in their careers.
Some people intuitively know what to do. Other people may not have
that same intuition, but they're smart, they read a lot of books, and they
watch successful people. I have 13 division presidents that work for
me. A long time ago I made a decision that I would suggest that one of
these presidents take over my position. You have to understand that
these are all very strong leaders. Some of them are running $100 mil-
lion-dollar divisions. The one that I chose is the one that gets it intuitive-
ly. They all do a very good job, but some have to work harder at it.
Having said that, these things are not absolutes. Almost everybody can
improve and perhaps through reading you can actually elevate your
abilities. I am currently reading My American Journey by Colin Powell."
"I hire smart people. As you walk around here [TriMark Headquarters],
one of the things that you will see is that I like calm. I am a calm person.
I never yell. I don't lose my temper. I like things neat. And I like to be in
control. With this division, I still sign every check by hand, as do all of
my division presidents. Every check that goes out, for this $600 mil-
lion-company, is signed by hand."
"I do not write memos or send long emails. I keep things concise. I don't
issue policies. I don't have a written strategy sitting in the drawer. I talk
to people. There are lots of other things I do to keep things simple. I do
not have a secretary. I schedule my own appointments and make my
own travel arrangements."
J erry's drive to lead by example and unique, personal style is always
evident. He keeps things simple and consistency is apparent in every-
thing he does. "I am fortunate, especially with all the division presidents
we have today, since I am not only the CEO of TriMark USA, but I also
still hold the position of president of the largest operating division. The
division presidents relate not just to what I say, but also to what I do."
14 Chapter 2: When You Are Driven to Be the Best
"When I visit one of the TriMarks, like the four that I went into last week,
I never walk in the front door. I always walk in through the warehouse.
I don't announce myself to the receptionist. They're TriMarks, and I am
the CEO, so I come in like any other employee comes in. I will wander
around the organization, and people know me because I visit them a
lot and I talk to them. After I have been through the whole company,
then I will show up in the president's office. By doing that, I get to see
what goes on in the organization. I get to speak to people before I
speak to the division president."
Communi cati on Bui l t on Trust
J erry embodies the 24-Hour Principles in that he practices good com-
munication and people development with a passion. "They are not
afraid to tell me anything because I just talk to them. When I was out in
the warehouse, the warehouse guy said that we have done a poor job
with the new racking. So I walked around and looked at it and I realized
that we could do better. Getting people to be open with you is not so
hard. Remember, I have worked for this company for 28 years. People
tell me things."
The total commitment to loyalty that J erry shares with all his employees
does not come without a big personal sacrifice. He takes very seriously
the unwritten agreement he has with his team. He holds the bar higher
than others, communicates his expectations clearly, provides for de-
velopment and measures what is done. As a result he expects them to
do their very best and in return he provides a special environment for
work in an industry where that has not been the standard.
J erry has a commitment to developing people. "One thing I am really
big on is trying to develop people from within the company. We have a
great many people who are now sitting at desks who worked in the
warehouse. We have people who were receptionists who are now
buyers. I believe in cross-training people and trying to move them
along within the company. The head of our customer service
department is a woman who's worked here for 18 years. She came to
see me the other day. By the way, everybody knows they can always
come and see me because I have no secretary. There's no one to
make an appointment with, so you just come and see me. She asked
me if she could discuss the possibility of becoming an outside territory
The 24-Hour Turnaround 15
salesperson. It was a huge difference for her. She thought that she
might like to become a straight commission road salesperson. This
means she would be calling on restaurants in a territory. She wanted
to discuss it with me. After an hour and a half, we decided that it's
something that she should do after 18 years with the company. Good
for her, but good for me, too, because that's where the company gets
its money from. And if she's successful in doing that, then she can
double her pay, because it's straight commission, and if she does, I'll
be the happiest guy in the world to give her the check."
There are lots of joys associated with success, but with this kind of
growth inevitably comes the challenge of jobs that expand beyond the
scope of the incumbent. The challenge for a leader is always to handle
these situations humanely, but quickly.
"We had a division controller who was one of the hardest working guys
in the company, but he was unable to grow as the company grew. The
way that he tried to mitigate that was by working longer and longer
hours. The guy would be here non-stop. He'd start at four in the
morning and he'd be here until seven at night, and it was just getting
worse and worse. Finally I had to let him go for his own good and for
the good of the company."
Message and Lessons
"When we're looking to acquire companies we visit a lot of different
sites. As you can imagine, to acquire eight companies, I probably
looked at 80. I have a bit of a ritual that I follow when I'm talking to the
president of a company I'm interested in. When I go to their office, I
might say to the person, do you save any of your voicemails?
Sometimes people save an old voicemail for a reason. Sometimes it's
a good reason, sometimes it's a bad reason. But I found that it's an in-
teresting dynamic. They've saved those voicemails for some reason
and it tells me a bit about them. I'll say to the person, would you mind
if I hear the kinds of voice mails you've chosen to save?"
J erry's own saved voicemails were instructive as well. There was a
warehouse worker thanking J erry for a recognition award he received,
a thank-you from a salesperson they just hired, a chef who would like
16 Chapter 2: When You Are Driven to Be the Best
to do business with TriMark. Of the twelve others about half were
messages of appreciation in one form or another. J erry also saved
many thank you notes from people he had helped.
"There's a lot of respect there and appreciation. That applies to my
competitors as well. The last voicemail is from my chief competitor.
He's calling to ask me a question."
J erry sees life as a continuous learning process and does not feel he
has to follow a prescribed method to learn things. "I did not take a
textbook route to the top. I never finished my MBA. I was almost done,
but I didn't finish. I've always been big on learning. I attend a lot of
seminars and I have a lot of board positions. But on a day-to-day basis,
I use my undergraduate degree in psychology far more than I use what
I have learned in business school. The ability to read people, under-
stand someone's motivation, understand my own psychology and what
motivates me is amazingly helpful in running a large company."
For someone who is as driven and focused on personal contact as
J erry, the inherent solitude of the CEO role could be a problem. His
commitment to spend so much time at each of TriMark's thirteen facil-
ities means lots of time on planes and in hotel rooms and yet with J erry
there's always a thought-out plan.
"I am not lonely. The division presidents and I are all contemporaries.
We are all friends, even though I am the boss. We grew up in the
industry together. We do things socially together. This year will be our
third annual sailing trip. I'm leaving in August to sail to Windsor,
Ontario, which is a big sail. We are going to sail from Cleveland to
Ontario and back."
Still directly involved with the business, J erry will personally supervise
a restaurant project.
"I worked with Todd English, who has since become quite a national
celebrity chef, and his wife when they opened the first Olive's. It was a
tiny little restaurant. I chose to work personally on these projects for a
number of reasons. First, if I get personally involved, it's a good
barometer for me to know how the company is performing. Even
though everyone in this company will know this is a 'J erry' project, you
can only hide so many sins. It also lets me know how our estimating
The 24-Hour Turnaround 17
department, our project managers, our receiving department, our
equipment installers, and billing departments are doing. So I get to see
how the whole company is functioning. Second, if I personally am
going to be involved in helping somebody open a restaurant, I better
know what I am talking about. I had better not let the industry slip by
me. I could stay in my office all day long reading this junk. And third, is
that it is really fun. It is fun to be involved with the opening of the next
hot restaurant in town."
Another 24-Hour Principle that J erry lives by is that high expectations
start at the top. He is a model for leadership as he consistently demon-
strates an unstoppable desire to be directly involved in everything, to
know every detail. This is part of J erry's self-confessed desire to be in
control, but it is also about modeling to everyone high standards and
personal integrity. He was recently elected president of the largest and
oldest buying group called Allied Buying Corporation (ABC). It's an or-
ganization composed of the 60 best companies in the industry. It's an
elected position, elected by the other people in the group. It points to
his uncanny ability to be both a fierce competitor and a respected col-
league. "Why would they want me as president? As much as they may
recognize me as a tough competitor, I assume they also respect me as
a leader and strong representative of the group."
"It's very easy to explain. I may be everybody's friend. Maybe some
people look up to me. They may think I'm honest and I do what I say I
am going to do. But TriMark's the enemy. All our competitors are trying
to grow their companies, they are trying to hold onto their customers
and get new customers. But there is a balance. This is a buy-
ing-group-driven industry. These groups are the vehicle where we get
most of our profit dollars because they offer vendor rebates and dis-
counts."
Summary
J erry Hyman is a complicated leader. He's fierce, compassionate, and
highly principled. He's ferociously driven, but he never raises his voice.
He thrives in controlled chaos, and is supremely calm. He likes being
in charge of a big enterprise, but he books his own travel, answers his
own phone, and schedules his own appointments. He likes having
power, but he adores the fact that a warehouse worker will call to thank
18 Chapter 2: When You Are Driven to Be the Best
him for a recognition award. Part of J erry's formula for success is that
he knows just about everything that's going on at TriMark almost all the
time. He holds himself and others to the highest of standards, but has
the ability to communicate and relate to people at all levels. He also is
a keen student of his industry and knows what his competitors are up
to today and can predict with a high level of certainty what they are
planning for tomorrow. He knows these things because he is an excep-
tionally good listener and obsessively pays attention to everything that
goes on around him. J erry makes all he does seem relaxed and simple,
and the key to his success is his combination of experiences and skills
and an unrelenting desire to do better every day.
Aut hor' s 24-Hour Turnaround Score: 92
Jerry' s 24-Hour Leadershi p Pri nci pl es:
? The leader that you are today is the sum of everything that's
happened to you up to this point
? Communication is a core philosophy—it drives organization struc-
ture, staff, and strategy
? Remain calm, never yell, don't lose your temper
? Develop people from within—use cross-training to move people
within the company
? Do not hesitate to make unpopular decisions
? Be accessible to everyone—be sure employees aren't afraid to tell
you anything
? Keep all communication crisp and brief
? Always have a long-range strategy—it doesn't have to be written
? Do everything possible to meet new employees and know them by
name
? High performing people and teams know that it's important to never
stop learning
The 24-Hour Turnaround 19
Image 1: Jer r y Hyman t he Leader
Image 2: Jer r y wi t h Rest aur ant Equi pment
20 Chapter 2: When You Are Driven to Be the Best
The 24-Hour Turnaround 21
A u t h o r s
About the Authors
J effrey S. Davis is CEO and Founder of Mage
LLC, one of New England's leading management
consulting firms. He's also an adjunct lecturer of
entrepreneurship at Olin Graduate School of
Business at Babson College and co-hosts the
daily business radio show "Mind Your Own Busi-
ness." A nationally and internationally sought
after speaker, Davis is regularly called upon by
the business leaders and media as a resource on
managing the challenges faced by entrepreneur-
ial and family-run organizations trying to succeed
in today's shifting economy. Because of his in-
valuable experience and track record positioning
22 Authors
organizations for rapid growth, change, market leadership and
financial success, he sits on the boards of several private and non-prof-
it organizations and has also served as a columnist for the Boston
Business J ournal. Before founding Mage, Davis established his repu-
tation as an entrepreneurial strategist, organizational change agent,
and marketing and sales expert working for well-known international
organizations and clients.
JDavi [email protected]
Mark Cohen, Senior Consultant at Mage LLC, has vast experience as
an external consultant and internal human resources leader. His
diverse background includes 25 years of working with international and
US technology companies in the computer, healthcare, biotechnology
and pharmaceutical industries. Cohen's track record includes positions
as Worldwide Director of Human Resources at Phillips Medical
Systems and a Senior Manager at Maxtor Corporation. He also spent
16 years in human resources management at Digital Equipment Cor-
poration and held training and human resources positions at Fidelity,
General Mills and Polaroid.
[email protected]
The 24-Hour Turnaround 23
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doc_562857285.pdf
How Amazing Entrepreneurs Succeed in Tough Times
20660 Stevens Creek Blvd., Suite 210
Cupertino, CA 95014
“ The 24-Hour
Tur nar ound”
Book Excer pt
How Amazing Entrepreneurs Succeed in
Tough Times
By Jeffrey S. Davis
and Mark Cohen
ii
BOOK EXCERPT Table of Contents
• Chapter 1: Introduction to the 24-Hour Principles
• Chapter 2: When You Are Driven to Be the Best
• About the Authors
• Getting the book and other books from Happy About
C o n t e n t s
The 24-Hour Turnaround iii
NOTE: This is the Table of Contents (TOC) from the book for
your reference. The eBook TOC (below) differs in page
count from the tradebook TOC.
Chapter 1 Introduction to the 24-Hour Principles. . . . . 1
Chapter 2 When You Are Driven to Be the Best:
Jerry Hyman, CEO, TriMark USA, Inc . . . . . . 7
The Company Background: Small Family Business
to National Leader . . . . . . . . . . . . . . . . . . . . . . . . . . .8
The Development of the CEO . . . . . . . . . . . . . . . . . .8
Problems and Challenges . . . . . . . . . . . . . . . . . . . .10
Vision and Organizational Strategies . . . . . . . . . . . .12
24-Hour Key Principle. . . . . . . . . . . . . . . . . . . . . . . .13
Leadership Style. . . . . . . . . . . . . . . . . . . . . . . . . . . .13
Communication Built on Trust . . . . . . . . . . . . . . . . .14
Message and Lessons . . . . . . . . . . . . . . . . . . . . . . .15
Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .17
Chapter 3 Turning Adversity into Competitive
Advantage:
Karen Bressler, President and CEO,
AGAR Inc. . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
The Company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .21
The CEO. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22
AGAR's History. . . . . . . . . . . . . . . . . . . . . . . . . . . . .23
Organizational Chaos. . . . . . . . . . . . . . . . . . . . . . . .27
Succession and Action Steps. . . . . . . . . . . . . . . . . .28
Leadership Style. . . . . . . . . . . . . . . . . . . . . . . . . . . .30
Lessons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .31
Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .33
Chapter 4 From Humble Beginnings to a Market
Leader:
Richard Cohen, CEO, Classico
Productions . . . . . . . . . . . . . . . . . . . . . . . . . 37
The Company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . .37
iv Contents
The CEO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
Company's History. . . . . . . . . . . . . . . . . . . . . . . . . . 39
Getting Started. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40
Problems and Challenges . . . . . . . . . . . . . . . . . . . . 40
Strategies and Action Steps. . . . . . . . . . . . . . . . . . . 41
Leadership Style . . . . . . . . . . . . . . . . . . . . . . . . . . . 43
Message and Lessons . . . . . . . . . . . . . . . . . . . . . . . 44
Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 47
Chapter 5 Driven by Diligence, Loyalty, and
Rewarding Excellence:
Ken Ferry, CEO, iCAD, Inc. . . . . . . . . . . . . . . 51
The Company. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
The CEO: Measurement Is Key and Everyone
Counts . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 51
iCAD's History . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 52
Challenges and Problems . . . . . . . . . . . . . . . . . . . . 53
Importance of Being Visible . . . . . . . . . . . . . . . . . . . 55
Strategies and Action Steps. . . . . . . . . . . . . . . . . . . 56
Organizational Philosophy. . . . . . . . . . . . . . . . . . . . 58
Communication and Meetings . . . . . . . . . . . . . . . . . 59
Celebrating Accomplishments . . . . . . . . . . . . . . . . . 60
Lessons . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 61
Acknowledgement for Success Well Earned. . . . . . 62
Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 63
Chapter 6 From Star Struck to Entrepreneurial Star:
Joel Rabinowitz, CEO, The House . . . . . . . . 67
The Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . 68
First J ob: Record Store Manager/District Manager . 69
Second Business—"My own little agency". . . . . . . . 69
Business Three: Things Really Take Off—
Backstage Pass . . . . . . . . . . . . . . . . . . . . . . . . . . . . 70
The End of a Great Run. . . . . . . . . . . . . . . . . . . . . . 72
Close a Door and Open Another . . . . . . . . . . . . . . . 73
Business Four: The House—Friends Make
Business Partners . . . . . . . . . . . . . . . . . . . . . . . . . . 73
The CEO . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 74
Like Father Like Son . . . . . . . . . . . . . . . . . . . . . . . . 75
Message and Lessons . . . . . . . . . . . . . . . . . . . . . . . 77
Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 78
The 24-Hour Turnaround v
Chapter 7 Using a Higher Purpose to Create
Greatness:
Russell Robinson, CEO, Jewish National
Fund (JNF) . . . . . . . . . . . . . . . . . . . . . . . . . . 83
The J ewish National Fund . . . . . . . . . . . . . . . . . . . .83
The CEO. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .83
Company History . . . . . . . . . . . . . . . . . . . . . . . . . . .85
Problems and Challenges . . . . . . . . . . . . . . . . . . . .86
Strategic and Action Steps . . . . . . . . . . . . . . . . . . . .88
Taking Risks. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .90
Leadership Style. . . . . . . . . . . . . . . . . . . . . . . . . . . .92
Message and Lessons . . . . . . . . . . . . . . . . . . . . . . .93
Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .94
Chapter 8 The Road to Success in 24 Hours . . . . . . . 99
Appendix A 24-Hour Turnaround Scorecard . . . . . . . . 103
Part I . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .103
Part II . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .109
Authors About the Authors. . . . . . . . . . . . . . . . . . . . . . . . . .115
Books Other Happy About®Books. . . . . . . . . . . . . . . . . .119
vi Contents
The 24-Hour Turnaround 1
C h a p t e r
1
Int r oduct i on t o t he
24-Hour Pr i nci pl es
The concept for this book started with the need
for an answer to a critical question: Why in the
most turbulent economy in eighty years, have
some leaders of small and mid-sized companies
demonstrated common traits that enabled them
to perform exceptionally well and become
leading companies in their fields?
Based on our years of experience and on-going
research, we have chosen six outstanding entre-
preneurs. Using their stories as told in their own
words, we show how they progressed and led
their companies to market leadership and un-
imagined financial success. In this book, we
identify the traits, which we call the "24-Hour
Principles for Success." Our findings further
showed that companies that focused on imple-
menting these principles will start to see
evidence of improvement within 24 hours.
We pay tribute to those people who are the
unsung economic heroes of this economy. They
are not the people you see or hear about in the
news or the people you read about in magazines.
Their organizations are not the part of the
economy that got us into trouble. They are not
2 Chapter 1: Introduction to the 24-Hour Principles
making annual salaries that are more than we expect to make in a
lifetime. These are the people who have built companies into regional,
category, or national market leaders with lasting value.
You will not hear about these companies on CNBC or read about them
in The New York Times. If you read the job reports you can see it is
small and medium-sized businesses that are doing most of the new job
creation. It is well documented that entrepreneurs are the engine that
fuels job growth in this country. Government statistics show that about
75 percent of all new jobs come from entrepreneurial businesses. And
while big companies shed jobs quickly, bowing to antsy shareholders,
smaller firms are not afraid to start hiring when they find the best can-
didates. They lead the way out of the recession; they don't wait for a
wave of improved economic news to carry them. Their ability to act and
not just react fast is what this book is all about.
In talking about economic heroes we do not take the concept lightly or
mean to minimize the courage of people who risk their lives to save
others. Economic heroes are the people who have risked their liveli-
hood, mortgaged their homes, sacrificed family and friends, and
stepped into daunting situations and have as a result achieved levels
of success most entrepreneurs dream of. They carry the weight of their
employees and the businesses they serve. They create jobs, expand
industries, and add to the quality of life of our society. As Benjamin
Franklin said, "Energy and persistence conquer all things." In fact,
Franklin is an example of an economic model citizen and entrepreneur-
ial leader. He was practical, frugal, and ultimately through his multiple
business ventures was a model entrepreneur.
These are stories of CEOs who have endured adversity and found
ways to succeed. They felt the pain but kept finding ways to take stock
of the world around them and kept re-inventing themselves. The stories
come from our experience with over 700 companies spanning 25
years. The companies are public, private, family-operated, or non-prof-
it. Companies like these are the basis of our economy. According to a
recent Small Business Administration's Office of Advocacy survey,
small businesses—firms with fewer than 500 employees—provide jobs
for more than half of the nation's private workforce.
The 24-Hour Turnaround 3
The leaders in the following chapters practice all of the 24-Hour Princi-
ples. Each chapter and person embodies these principles. They are all
from different segments of the economy, industries, countries, and
backgrounds. Each one practices these principles of leadership and
management. Through intelligence, experience, integrity, and drive
they have found the formula for success. They are the children and
grandchildren of electricians, butchers, shop-owners, housekeepers,
bookkeepers, managers, clerks, engineers, and even the children of
Holocaust survivors. They are leaders who had the determination to
overcome adversity and the self-confidence to inspire people to follow
them. As you get to know where they came from and who they are
today, we believe you will relate to them and learn what you need to do
to succeed like them. In their own words, they will share about their
roots, experiences, and the relationships that changed their think-
ing—and how this helped them achieve total success.
This book is about the kinds of companies most of us operate or work
for and have no option other than to succeed. We hope you will
implement the principals so that you can thrive as well. The chapters
show how each company gained an advantage and learned how to
win. As business advisors, we're often asked if people can change. The
answer, of course, is that it depends, but the stories in this book show
that anyone can adapt quickly and wisely, and ultimately win.
We want you to come away with an understanding of how to make
quick and concrete change that you can start to implement in twenty
four hours. These changes can have a lasting effect. We are present-
ing these stories of triumph and innovation as a practical prescription
for entrepreneurial success in a turbulent economy.
We have provided a practical guide that is in an understandable format
for entrepreneurial leaders to better diagnose themselves, their orga-
nizations, and their marketplace. This book will help you make the
practical changes you will need to survive and thrive in the face of
economic uncertainty.
4 Chapter 1: Introduction to the 24-Hour Principles
Measur i ng your l evel of l eader shi p and or gani zat i on agai nst
t he 24-Hour Tur nar ound Pr i nci pl es:
As you read the stories about the entrepreneurs in this book you will
notice that each one has been scored against the principles of success
of a 24-Hour Leader. All the entrepreneurs that we chose for this
edition showed exceptional talent, determination, and values. Each
one painted a unique entrepreneurial canvas and demonstrated their
skills and success in their own unique fashion.
The final chapter of the book provides aspiring 24-Hour Leaders with a
practical self-assessment tool to measure your own organization
against the 24-Hour Turnaround Principles. These tools will give you
an efficient way to get a snapshot of where your organization excels
and where you should focus your time and attention to build a more
outstanding leadership and growth organization. Our hope is that
through understanding a specific aspect of each leader that we
featured, you can then use the 24-Hour self-assessment tool and can
begin to define a clearer path to your own remarkable results.
The 24-Hour Turnaround Principles include:
1. Vision and strategic plan that reflects the leader's personality,
personal and family history, ambitions, goals, dreams, industry,
and economic reality
2. Guiding principles and code-of-conduct that all employees know,
understand, and follow
3. Relentless communication
4. Financial planning
5. Raising the bar—organizational and executive development as
an essential element to success and leadership
6. Final decision maker, with the ability to gain support for tough de-
cisions
7. Solicit help and support
8. Excellence from everyone—provide employees with tools and
professional growth and development opportunities
9. Implement and use technology for monitoring, management, fi-
nance, and growth
10. Facilitate continuous positive action
The 24-Hour Turnaround 5
Again, these principles are intended as the key elements of a practical
prescription for entrepreneurial success in all business situations.
As you read each success story you will gain a more thorough under-
standing of the 24-Hour Principles and the elements for your success.
At the end of each chapter we provide a score for that entrepreneur
and highlight how their success reflects their application of the 24-Hour
Turnaround Principles. The tools at the end of the book enable you to
do exactly the same thing for your organization.
6 Chapter 1: Introduction to the 24-Hour Principles
The 24-Hour Turnaround 7
C h a p t e r
2
When You Ar e Dr i ven
t o Be t he Best
As soon as you meet J erry you realize that he is
a force to be reckoned with. He knows what he
wants, he knows how to get it, and he will be re-
lentless in achieving his objectives. His commu-
nications with his staff are in a type of shorthand
in which he prefers concise messages that get
right to the point. This philosophy is reflected in
everything he does. It all seems remarkably
simple and methodical.
J erry is a leader who is calm, consistent, tough,
and calculating. The nature of his business
requires him to spend much of his time negotiat-
ing deals. He prides himself in being a hard and
talented negotiator. He is also incredibly loyal.
He gives, expects, and rewards loyalty, but that
does not stop him from making difficult decisions.
He has earned the respect of the people around
him, both inside and outside TriMark, because
they recognize that his goal is to get results and
he stays laser-focused on achieving that goal.
People who know J erry say that you can see
steely determination in his eyes. In a game of,
"Who's going to blink first," it is a good bet that it
won't be J erry.
Jer r y Hyman, CEO, Tr i Mar k USA, Inc.
(ht t p: //www.Tr i Mar kusa.com)
8 Chapter 2: When You Are Driven to Be the Best
The Company Background: Smal l Fami l y
Busi ness to Nati onal Leader
TriMark USA, Inc., formerly known as the United Restaurant
Equipment Company, was founded in 1947 by Harry Halpern. Viewed
as the best run company in its category, it is projected to soon become
the country's largest provider of design services, equipment, and
supplies to the foodservice industry. TriMark is committed to retaining
its position as the market-leading supplier to independent restaurants.
J erry started as a sales person in the showroom, and over two decades
he worked his way up through the company's ranks to become
president of TriMark United East in 2000. In 2005 he became president
and CEO of TriMark USA. TriMark provides foodservice operators with
solutions to their most complex requirements. Today the company
earns approximately $600 million in revenue in 13 offices nationwide.
Since the economic crisis that began in 2008, the company has grown
while the rest of the industry has contracted. The company has added
over 150,000 square feet of warehouse space in three different loca-
tions.
TriMark employs kitchen engineers and interior designers who draw
the plans and specify the products to accomplish their mission of
supplying everything that goes into a restaurant. You can eat at a res-
taurant every night of the week and never know the name TriMark. It's
not a marquee business. They live in the background but they supply
everything that you see in a restaurant from the physical plant and
equipment to all the china, glassware, linen, etc.
The Devel opment of the CEO
"I knew from an early age that I wanted to be a businessman. I always
was going to be the guy who worked in an office and had a briefcase.
I had a lot of awards and recognition as I was growing up. I won the
Congressman's Medal of Honor. My parents were, of course, very
proud. Because of all my accomplishments, I got a lot of positive feed-
back." J erry was a psychology major at Cornell. During college he
worked, but was trying to figure out what he wanted to do with his life.
The 24-Hour Turnaround 9
"I was the first in my family to go to an Ivy League school. My last two
years at Cornell I was a bartender to make extra money. My parents
paid for my education and weren't wealthy. After I graduated, I sent out
my resume and tried to find a job in psychology, without much success.
The guy that I was working for as a bartender offered to take me in as
his partner. The deal was that I would open additional bars with him,
with no investment, just sweat-equity. He had access to capital, and he
said, 'I will take you in as a full partner. I have enjoyed working with you
these last two years. Let's go out and open some more college bars.' I
was 21 and this all sounded pretty cool to me. So I did it. I said, 'Mom,
Dad, I'm not coming home from Ithaca, I'm going to stay here, and I'm
going to run bars.' Of course their reaction was, 'We just spent $45,000
dollars to send you to Cornell and you're going to be a bartender?' I
said, 'Yup, that's what I'm going to do.' As you can imagine, that didn't
go over very well."
Similar to other leaders in this book, J erry demonstrated the 24-Hour
leadership characteristics early in his career. J erry stood out as a
22-year-old partner in several bars, he was a young kid with a lot of
money.
"I bought myself a Fiat Spider convertible. I had an apartment in Ithaca
and another in Binghamton and even found time to work on my MBA.
It was an amazing lifestyle. The bar at Ithaca would close at 1 a.m. I
would cash out and work with the employees to clean up. Then I'd get
in my car at 1:30 a.m. and drive to Binghamton, and I'd be in Bingham-
ton at 2:30, just in time for that bar to close at 3. I would cash out, and
close the bar around 3:30 in the morning… At the time, I carried a gun
in the glove box of the car because I would make the bank deposit and
had to be in a position to protect myself. What you read is true. People
wait for the guy coming out of the bar at 3 o'clock in the morning with
the bag of money."
J erry became immersed in a fantasy lifestyle of fast everything. But in
the end, all of it was burning him out. The fast cars, fast life style and
endless days and nights were starting to lose the sizzle and it was not
working for him anymore, he knew that it was time for a drastic change.
"After four years, I sold my share to my partner. I packed up my stuff
and went home. I tried to think of what I wanted to do. I found myself
thinking about what I liked over the last three or four years in running
10 Chapter 2: When You Are Driven to Be the Best
these bars. It occurred to me that what I liked best was the process of
planning, designing, and building the new establishments. That's what
I found really exciting."
"One day I noticed an ad in the newspaper for a restaurant supply
company in North Smithfield, RI, a family-owned business called
United Restaurant Equipment Company. It was an ad for an entry-level
position to work at the counter in the showroom. I interviewed with Bob
Halpern, the founder's son. Bob said, 'Okay, let me get this straight.
You're applying here for an entry-level position, which pays minimum
wage, to work at the counter in the showroom. You have an Ivy League
degree. You have two-thirds of your MBA done. You've run successful
businesses as an owner. And you're going to come to work in an entry-
level position?"
This was the job that J erry was looking for and he made his case. He
made it clear that for him, this job was not about money or title. Most
importantly, with supreme confidence he made the point that, if given
the chance, he would be a great asset to the company and would move
up the corporate ladder. J erry was hired and over time his plan became
reality.
"I started working in the showroom in 1981, and I've been with the
company ever since. At the time the company was doing about $10
million and now it is over $600 million. I have worked in every depart-
ment. It was a small company, maybe 40 employees and I did every-
thing. I got the trucks out in the morning. I worked in the estimating
department and then became the sales manager. Eventually I was the
head of customer service, vice president of sales, general manager,
and then president. I just worked my way up."
Probl ems and Chal l enges
"We try to get people to realize they should let the family move on in
life.Sometimes, though, families hold on. And then they have nothing."
- J oel Getzler, Family business consultant
The 24-Hour Turnaround 11
Even under the best of circumstances, family-owned businesses are a
challenge. It's impossible to separate the family dynamics from the
business. The business will always reflect the family for better or for
worse.
J erry worked hard to develop superior work habits and as a result he
stood out. He arrived daily at work at 7:40 a.m. reviewing overnight
shipping reports and meeting with his senior VPs before returning to
study sales, back-orders, and cash and receivables reports.
"After a number of years, I was the only executive that was a non-family
member. So I dealt with all those organizational issues." As the
company grew, the family made the decision to sell TriMark to a private
equity company. "Bob Halpern became CEO of the parent company,
and went out and began to try to acquire other companies. When Bob
became CEO, I became president of TriMark. That was very difficult."
Part of the difficulty was that J erry was promoted over family members
already in the business, so there was lots of tension.
Under J erry's astute leadership the business continued to grow and
change. More acquisitions were on the horizon and members of the
family were being passed over as J erry gained more authority. J erry
was gaining more power and control. On the surface this was not a
situation in which there appeared to be issues between family
members and non-family executives.
"We acquired four companies, and then in 2000, 2001 the economy
changed. The company had grown from about $10 million when I
started to close to $60 million. Then after acquiring the four companies,
we grew to about $125 million, both through organic growth and acqui-
sition. Then the acquisitions stopped. But we continued significant
organic growth. After about five years or so our equity owners decided
that it might be a good time to sell us. We were at about $175 million
in sales."
"Bob was in his mid-60s. He built a home in Florida, was semi-retired
and eventually retired completely. I became CEO of TriMark USA on
March 1, 2005, and around that time we were sold to the Audax Group,
so we had a new infusion of capital."
12 Chapter 2: When You Are Driven to Be the Best
J erry was a keen student and gained a lot of valuable experience and
perspective on the industry and the sale of the company that he would
use again and again to his advantage. "Prior to the sale, I gave many
management presentations to the suitors. The audiences ranged from
big box home improvement chains who thought they might like to get
into the restaurant supply industry to our competitors. I presented to a
huge number of Wall Street folks and all kinds of private equity compa-
nies. What I found is that food service operations is an industry that
everybody can relate to. Everybody has a favorite restaurant. When I
explained to people what we do, they realized that they simply hadn't
thought about how a restaurant comes into being. They hadn't thought
about the fact there is a company and an entire industry that has
kitchen engineers and interior designers who draw the plans and
specify the products. Companies like mine supply everything that goes
into the restaurant and then handle all of the re-supply needs, the
china, the glassware, the pots, and the pans. When you're in a restau-
rant, everything that you see comes from a restaurant equipment and
supply company. People get into that, especially these days with all of
the celebrity chefs. They get it and they say, 'Wow, that's pretty
neat…here's a company that creates all these restaurants."
Vi si on and Organi zati onal Strategi es
From the beginning J erry's vision has been for TriMark USA to be the
largest equipment and supply dealer in the world. In 2009 they were
number two and clearly moving in on the number one position. The
company strategy included consistent, concise, and clear communica-
tion that supported improved productivity at all levels. A guiding
principle was to ensure that the company's employees were all aiming
for the same target. Achieving this goal and doing it as a company-wide
initiative is clearly a point of emphasis for J erry.
The 24-Hour Turnaround 13
24-Hour Key Pri nci pl e
Leadershi p Styl e
Being CEO was a different kind of transition than J erry was prepared
for. "Nobody taught me how to be a CEO. I didn't go to CEO school. It's
interesting how different kinds of people progress in their careers.
Some people intuitively know what to do. Other people may not have
that same intuition, but they're smart, they read a lot of books, and they
watch successful people. I have 13 division presidents that work for
me. A long time ago I made a decision that I would suggest that one of
these presidents take over my position. You have to understand that
these are all very strong leaders. Some of them are running $100 mil-
lion-dollar divisions. The one that I chose is the one that gets it intuitive-
ly. They all do a very good job, but some have to work harder at it.
Having said that, these things are not absolutes. Almost everybody can
improve and perhaps through reading you can actually elevate your
abilities. I am currently reading My American Journey by Colin Powell."
"I hire smart people. As you walk around here [TriMark Headquarters],
one of the things that you will see is that I like calm. I am a calm person.
I never yell. I don't lose my temper. I like things neat. And I like to be in
control. With this division, I still sign every check by hand, as do all of
my division presidents. Every check that goes out, for this $600 mil-
lion-company, is signed by hand."
"I do not write memos or send long emails. I keep things concise. I don't
issue policies. I don't have a written strategy sitting in the drawer. I talk
to people. There are lots of other things I do to keep things simple. I do
not have a secretary. I schedule my own appointments and make my
own travel arrangements."
J erry's drive to lead by example and unique, personal style is always
evident. He keeps things simple and consistency is apparent in every-
thing he does. "I am fortunate, especially with all the division presidents
we have today, since I am not only the CEO of TriMark USA, but I also
still hold the position of president of the largest operating division. The
division presidents relate not just to what I say, but also to what I do."
14 Chapter 2: When You Are Driven to Be the Best
"When I visit one of the TriMarks, like the four that I went into last week,
I never walk in the front door. I always walk in through the warehouse.
I don't announce myself to the receptionist. They're TriMarks, and I am
the CEO, so I come in like any other employee comes in. I will wander
around the organization, and people know me because I visit them a
lot and I talk to them. After I have been through the whole company,
then I will show up in the president's office. By doing that, I get to see
what goes on in the organization. I get to speak to people before I
speak to the division president."
Communi cati on Bui l t on Trust
J erry embodies the 24-Hour Principles in that he practices good com-
munication and people development with a passion. "They are not
afraid to tell me anything because I just talk to them. When I was out in
the warehouse, the warehouse guy said that we have done a poor job
with the new racking. So I walked around and looked at it and I realized
that we could do better. Getting people to be open with you is not so
hard. Remember, I have worked for this company for 28 years. People
tell me things."
The total commitment to loyalty that J erry shares with all his employees
does not come without a big personal sacrifice. He takes very seriously
the unwritten agreement he has with his team. He holds the bar higher
than others, communicates his expectations clearly, provides for de-
velopment and measures what is done. As a result he expects them to
do their very best and in return he provides a special environment for
work in an industry where that has not been the standard.
J erry has a commitment to developing people. "One thing I am really
big on is trying to develop people from within the company. We have a
great many people who are now sitting at desks who worked in the
warehouse. We have people who were receptionists who are now
buyers. I believe in cross-training people and trying to move them
along within the company. The head of our customer service
department is a woman who's worked here for 18 years. She came to
see me the other day. By the way, everybody knows they can always
come and see me because I have no secretary. There's no one to
make an appointment with, so you just come and see me. She asked
me if she could discuss the possibility of becoming an outside territory
The 24-Hour Turnaround 15
salesperson. It was a huge difference for her. She thought that she
might like to become a straight commission road salesperson. This
means she would be calling on restaurants in a territory. She wanted
to discuss it with me. After an hour and a half, we decided that it's
something that she should do after 18 years with the company. Good
for her, but good for me, too, because that's where the company gets
its money from. And if she's successful in doing that, then she can
double her pay, because it's straight commission, and if she does, I'll
be the happiest guy in the world to give her the check."
There are lots of joys associated with success, but with this kind of
growth inevitably comes the challenge of jobs that expand beyond the
scope of the incumbent. The challenge for a leader is always to handle
these situations humanely, but quickly.
"We had a division controller who was one of the hardest working guys
in the company, but he was unable to grow as the company grew. The
way that he tried to mitigate that was by working longer and longer
hours. The guy would be here non-stop. He'd start at four in the
morning and he'd be here until seven at night, and it was just getting
worse and worse. Finally I had to let him go for his own good and for
the good of the company."
Message and Lessons
"When we're looking to acquire companies we visit a lot of different
sites. As you can imagine, to acquire eight companies, I probably
looked at 80. I have a bit of a ritual that I follow when I'm talking to the
president of a company I'm interested in. When I go to their office, I
might say to the person, do you save any of your voicemails?
Sometimes people save an old voicemail for a reason. Sometimes it's
a good reason, sometimes it's a bad reason. But I found that it's an in-
teresting dynamic. They've saved those voicemails for some reason
and it tells me a bit about them. I'll say to the person, would you mind
if I hear the kinds of voice mails you've chosen to save?"
J erry's own saved voicemails were instructive as well. There was a
warehouse worker thanking J erry for a recognition award he received,
a thank-you from a salesperson they just hired, a chef who would like
16 Chapter 2: When You Are Driven to Be the Best
to do business with TriMark. Of the twelve others about half were
messages of appreciation in one form or another. J erry also saved
many thank you notes from people he had helped.
"There's a lot of respect there and appreciation. That applies to my
competitors as well. The last voicemail is from my chief competitor.
He's calling to ask me a question."
J erry sees life as a continuous learning process and does not feel he
has to follow a prescribed method to learn things. "I did not take a
textbook route to the top. I never finished my MBA. I was almost done,
but I didn't finish. I've always been big on learning. I attend a lot of
seminars and I have a lot of board positions. But on a day-to-day basis,
I use my undergraduate degree in psychology far more than I use what
I have learned in business school. The ability to read people, under-
stand someone's motivation, understand my own psychology and what
motivates me is amazingly helpful in running a large company."
For someone who is as driven and focused on personal contact as
J erry, the inherent solitude of the CEO role could be a problem. His
commitment to spend so much time at each of TriMark's thirteen facil-
ities means lots of time on planes and in hotel rooms and yet with J erry
there's always a thought-out plan.
"I am not lonely. The division presidents and I are all contemporaries.
We are all friends, even though I am the boss. We grew up in the
industry together. We do things socially together. This year will be our
third annual sailing trip. I'm leaving in August to sail to Windsor,
Ontario, which is a big sail. We are going to sail from Cleveland to
Ontario and back."
Still directly involved with the business, J erry will personally supervise
a restaurant project.
"I worked with Todd English, who has since become quite a national
celebrity chef, and his wife when they opened the first Olive's. It was a
tiny little restaurant. I chose to work personally on these projects for a
number of reasons. First, if I get personally involved, it's a good
barometer for me to know how the company is performing. Even
though everyone in this company will know this is a 'J erry' project, you
can only hide so many sins. It also lets me know how our estimating
The 24-Hour Turnaround 17
department, our project managers, our receiving department, our
equipment installers, and billing departments are doing. So I get to see
how the whole company is functioning. Second, if I personally am
going to be involved in helping somebody open a restaurant, I better
know what I am talking about. I had better not let the industry slip by
me. I could stay in my office all day long reading this junk. And third, is
that it is really fun. It is fun to be involved with the opening of the next
hot restaurant in town."
Another 24-Hour Principle that J erry lives by is that high expectations
start at the top. He is a model for leadership as he consistently demon-
strates an unstoppable desire to be directly involved in everything, to
know every detail. This is part of J erry's self-confessed desire to be in
control, but it is also about modeling to everyone high standards and
personal integrity. He was recently elected president of the largest and
oldest buying group called Allied Buying Corporation (ABC). It's an or-
ganization composed of the 60 best companies in the industry. It's an
elected position, elected by the other people in the group. It points to
his uncanny ability to be both a fierce competitor and a respected col-
league. "Why would they want me as president? As much as they may
recognize me as a tough competitor, I assume they also respect me as
a leader and strong representative of the group."
"It's very easy to explain. I may be everybody's friend. Maybe some
people look up to me. They may think I'm honest and I do what I say I
am going to do. But TriMark's the enemy. All our competitors are trying
to grow their companies, they are trying to hold onto their customers
and get new customers. But there is a balance. This is a buy-
ing-group-driven industry. These groups are the vehicle where we get
most of our profit dollars because they offer vendor rebates and dis-
counts."
Summary
J erry Hyman is a complicated leader. He's fierce, compassionate, and
highly principled. He's ferociously driven, but he never raises his voice.
He thrives in controlled chaos, and is supremely calm. He likes being
in charge of a big enterprise, but he books his own travel, answers his
own phone, and schedules his own appointments. He likes having
power, but he adores the fact that a warehouse worker will call to thank
18 Chapter 2: When You Are Driven to Be the Best
him for a recognition award. Part of J erry's formula for success is that
he knows just about everything that's going on at TriMark almost all the
time. He holds himself and others to the highest of standards, but has
the ability to communicate and relate to people at all levels. He also is
a keen student of his industry and knows what his competitors are up
to today and can predict with a high level of certainty what they are
planning for tomorrow. He knows these things because he is an excep-
tionally good listener and obsessively pays attention to everything that
goes on around him. J erry makes all he does seem relaxed and simple,
and the key to his success is his combination of experiences and skills
and an unrelenting desire to do better every day.
Aut hor' s 24-Hour Turnaround Score: 92
Jerry' s 24-Hour Leadershi p Pri nci pl es:
? The leader that you are today is the sum of everything that's
happened to you up to this point
? Communication is a core philosophy—it drives organization struc-
ture, staff, and strategy
? Remain calm, never yell, don't lose your temper
? Develop people from within—use cross-training to move people
within the company
? Do not hesitate to make unpopular decisions
? Be accessible to everyone—be sure employees aren't afraid to tell
you anything
? Keep all communication crisp and brief
? Always have a long-range strategy—it doesn't have to be written
? Do everything possible to meet new employees and know them by
name
? High performing people and teams know that it's important to never
stop learning
The 24-Hour Turnaround 19
Image 1: Jer r y Hyman t he Leader
Image 2: Jer r y wi t h Rest aur ant Equi pment
20 Chapter 2: When You Are Driven to Be the Best
The 24-Hour Turnaround 21
A u t h o r s
About the Authors
J effrey S. Davis is CEO and Founder of Mage
LLC, one of New England's leading management
consulting firms. He's also an adjunct lecturer of
entrepreneurship at Olin Graduate School of
Business at Babson College and co-hosts the
daily business radio show "Mind Your Own Busi-
ness." A nationally and internationally sought
after speaker, Davis is regularly called upon by
the business leaders and media as a resource on
managing the challenges faced by entrepreneur-
ial and family-run organizations trying to succeed
in today's shifting economy. Because of his in-
valuable experience and track record positioning
22 Authors
organizations for rapid growth, change, market leadership and
financial success, he sits on the boards of several private and non-prof-
it organizations and has also served as a columnist for the Boston
Business J ournal. Before founding Mage, Davis established his repu-
tation as an entrepreneurial strategist, organizational change agent,
and marketing and sales expert working for well-known international
organizations and clients.
JDavi [email protected]
Mark Cohen, Senior Consultant at Mage LLC, has vast experience as
an external consultant and internal human resources leader. His
diverse background includes 25 years of working with international and
US technology companies in the computer, healthcare, biotechnology
and pharmaceutical industries. Cohen's track record includes positions
as Worldwide Director of Human Resources at Phillips Medical
Systems and a Senior Manager at Maxtor Corporation. He also spent
16 years in human resources management at Digital Equipment Cor-
poration and held training and human resources positions at Fidelity,
General Mills and Polaroid.
[email protected]
The 24-Hour Turnaround 23
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