VACEOs Office Move
We are moving. And then, we are moving.
In November December we will be in cool new space in the Handcraft Building in Scott’s Addition, with one brewery in the building, and two more within two blocks.
Until that space is ready, we are camping out in some very nice space in the Virginia Center area. If you need to find us, we are co-located with our friends The Fahrenheit Group at 1015 Technology Park Drive, Glen Allen, VA 23059. This was formerly Create Digital’s office, and still has some of their signage.
Finish Big
No, this is not another end of the year, rah rah blog post. Rather, I just started reading Inc. editor Bo Burlingham’s new book, Finish Big. Bo co-led our 2008 CEO Retreat with Doug Tatum.
The book starts with “Every entrepreneur exits. It is one of the few absolute certainties in business.” There are damn few certainties in the life of a business owner. Still, many pay scant attention to their coming exit until it is too late. This book will motivite you to get going, and give you an outline to pursue.
Well, Bo is sucking me in, so I will be through it shortly. His writing is powerful. His genius is in distilling and sharing experiences, all the while telling a good story. If you would like my copy of Finish Big when I am done, let me know. – Scot
Culture Eats Strategy For Breakfast
The statement above is attributed to business guru Peter Drucker. I don’t think Drucker wanted to diminish the importance of strategy, but instead wanted to dramatically illuminate how little focus most managers pay to corporate culture. There are some firms where culture drives strategy – or at least is a primary strategy. Think Zappos, Disney, and RVA’s own Snagajob.
In fact, culture is a strategy at the Virginia Council of CEOs. We call our culture “Safe Haven” and it means that our members and sponsors participate in the Council to learn from, and share with, one another. Further, we respond to others when they ask for the benefit of their experience. To make it easier for folks in the Council to do this, we just launched a new HAMO (Help A Member Out) tool.
Both culture and strategy are on the agenda for our CEO Retreat next month. I am always inspired to think differently by the smart people we bring in for a few days each April.
And, on May 8, Caroline Hipple, former CEO of Storehouse, will speak at our quarterly meeting from her new book A Pathway to Profit: Culture Impacts Performance. Hipple will share how she led a struggling company to profitability through cultural transformation.
So, here’s to culture, and to strategy. Give me a shout if you would like to discuss either.
– Scot McRoberts, Executive Director
CEO Profile: John Carrico
Twelve-year-old John Carrico started washing dishes in his father’s family restaurant in Martinsville, Virginia. This is where he learned the value of hard work and the importance of working with others to achieve a common goal. After graduating from UVA with a B.S. in Commerce, and later an MBA from the Darden School with an emphasis in marketing, he worked as a CPA and an audit supervisor for Coopers & Lybrand, and then for Signet Bank where he had achieved the title Vice-President of Installment Lending by 1997—the year he was recruited by Jim Ukrop.
Ukrop’s Dress Express was spun off from Ukrop’s Supermarket in 1998 to focus on designing, manufacturing, and marketing uniforms to supermarkets and other businesses. Among its clients today Ukrop’s Dress Express counts more than 50 food store chains—and more Top 75 supermarkets than any other uniform vendor—in addition to other major corporations, with over 1,000 uniform apparel and promotional product accounts across the country.
John is married to his high school sweetheart, Sheri, and they have two sports-minded teenage sons, Tyler and Drew. Tyler recently signed a scholarship offer to play baseball for UVA next year. John is an active spectator and coach for his son’s baseball teams, and is involved with his church and Noah’s Children, the area’s only palliative and hospice care program solely for children.
How do you define success?
Lifting others to achieve more—which, in turn, lifts the business to new levels.
In your opinion, what are the most important characteristics of a good leader?
A good leader leads by example, has passion and courage to act, has vision and sees around the corner, and is fair and consistent.
What is your biggest challenge as a CEO?
Tactically, the ability to manage the risk of world source production in an overseas climate that seems to be in constant turmoil and upheaval. Strategically, preventing complacency within your organization once you have achieved some levels of success.
Three words that describe me as a CEO are…
Driven, passionate, prepared.
Something surprising about my job is…
There’s a creative sense of style in what could be a “boring” uniform industry.
Best Virginia business dinner
Boar’s Head Inn
Recently read
The Last Lecture, by Randy Pausch and Jeffrey Zaslow
You’re hosting a dinner party for three famous people – current or historical. Who would they be and why?
Thomas Jefferson—he drafted the principles that laid the foundation of our country, and was an amazing statesman and visionary (and he designed a pretty awesome University in his hometown).
Walt Disney—he was the greatest creative genius ever, and it all started with a mouse.
Cal Ripken, Jr.—he is the total definition of persistence, drive, and hard work to achieve amazing success.
What is the best business advice you’ve received?
“The harder you work, the luckier you get,” from Jim Ukrop.
What motivates you?
Building teams to facilitate the achievement of sustainable success.
What makes your company unique?
We design and manufacture very good, custom uniform apparel products, and we provide great service to our customers—all by having a remarkable group of passionate associates driven to serve.
I can’t get through the day without…
My iPhone!
Guilty pleasure
Trips to DisneyWorld (more than I want to admit!)
Favorite websites
cnn.com, wsj.com, virginiasports.com, espn.com
Music to work by
Classic rock, like The Eagles
Volunteerism
Noah’s Children—Central Virginia’s only children’s hospice and palliative care program, Huguenot Little League (youth baseball coach),BonAirUnitedMethodistChurch
SMB CEOs’ Economic Outlook Dims
FOR IMMEDIATE RELEASE
June 28, 2011
Robins School of Business –Virginia Council of CEOs 2nd quarter survey finds continued uncertainty about business, economy for the next six months
For the second straight quarter, CEOs in central Virginia have shown a more pessimistic view of business and the economy looking ahead six months, according to the 2nd quarter 2011 CEO Economic Outlook Survey. The findings are in contrast to CEOs’ relative optimism in 2010.
The survey reveals that top executives of small and mid-sized companies anticipate either unchanged or decreased capital spending and hiring. Slightly more than half predict increased sales for the next two quarters. And results show that “economic uncertainty” is the most significant business issue CEOs face today, ahead of rising energy and healthcare costs, staffing, financial issues and political uncertainty.
The Virginia Council of CEOs and University of Richmond’s Robins School of Business jointly conduct the quarterly survey, which helps central Virginia companies anticipate business decisions and plan for growth.
“This is a clear indication that the current mindset of the CEO is to proceed with caution,” said Scot McRoberts, executive director of the council. “We are seeing good growth in a few sectors – health care, IT and staffing particularly. But, there is not a lot of confidence in either the overall growth of the economy or what Washington will do in terms of taxes and regulation.”
The following survey results, from the 2nd quarter 2011 and the 1st quarter 2011, show projections for the next six months for sales, spending and employment:
| 2011 Q2 | 2011 Q1 | ||||||
| Increase | No Change | Decrease | Increase | No Change | Decrease | ||
| How do you expect your company’s sales to change in the next six months? | 54.7% | 32.0% | 13.3% | 69.9% | 21.9% | 8.2% | |
| How do you expect your company’s U.S. capital spending to change in the next six months? | 31.1% | 40.5% | 28.4% | 28.8% | 56.2% | 15.1% | |
| How do you expect your company’s U.S. employment to change in the next six months? | 39.2% | 50.0% | 10.8% | 39.7% | 52.1% | 8.2% | |
The council and the Robins School collected responses from 75 business owners and CEOs in central Virginia. The average annual revenue year-to-date for CEOs responding was $3.3 million. The data was compared to the 1st quarter 2011 survey, which consisted of 73 participants. Multiple industries are represented in the sample (for example, construction, manufacturing, finance and insurance, and retail).
“What we see in these current data, relative to the previous quarter, are more CEOs anticipating no change, or a decrease, in some of their core business practices,” said Jeff Pollack, assistant professor of management at the Robins School, who calculated the results. “Based on data we collected about the issues these CEOs face, it could be that slow economic growth and economic uncertainty are related to this more pessimistic outlook.”
Pollack adapted the survey from the Business Roundtable, an association of CEOs leading U.S. companies that conducts a similar survey nationally.
The results also provide an overall economic outlook index, which is based on businesses’ projected six-month sales, spending and employment figures.
Economic Outlook Index
| Survey Date | CEO Economic Outlook Index |
| Q2 2011 | 74.17 |
| Q1 2011 | 85.63 |
| Q4 2010 | 92.27 |
| Q3 2010 | 94.47 |
The council continues to expand the survey beyond its members, offering any area business owners whose companies gross at least $1 million in annual revenue the opportunity to participate. If enough businesses participate, the council will provide survey results by industry. Participation is free, and all participants will receive copies of the survey data.
Business owners and CEOs who would like to participate in the next survey should contact McRoberts at smcroberts@vaceos.org.
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