My 40-year adventure with one of America’s outstanding communications companies
0996408029
Philip Beuth, K.C. Schulberg, and Sheridon Wright
Notes
“Philly, always try to make others look good, because when they profit, so do you. And always leave something on the table.”
“The best defense against revenue uncertainties are constant, tight cost controls.”…wasteful was not part of the Capcities lexicon…concentrating in such focused manner on the dollar value of every extra rating point was novel…They continued to do excellent work, despite my constant — perhaps ad nauseam — harping on costs, urging thrift, not at the expense of quality, but to avoid the waste of stockholders’ money.
“Hire as few of the best people available, pay them well, give them equity and autonomy in an ethical company and leave them alone.”…When he said he trusted his people and left them alone to make decisions across the board, he meant it…I had been taught years earlier by Dan Burke that it was smart management to let your employees know you believed they could succeed beyond even their own expectations…Hire talented and highly motivated people and let them do what they do best…While the chairman listens to everyone, he is likely to favor the men and women in the trenches.
…teaching many who worked with him that the Capital Cities adherence to ethics and integrity was the right path to success.
“You just have to let your managers know someone is watching.” “Be careful what you say to subordinates. You will forget in 24 hours, but they will remember it word for word forever.” …“Always be careful who does the hiring. Mediocre people tend to hire mediocre people.”
‘I sense in you,’ he said, ‘a reluctance to decide something until you have all the facts, so you keep delaying to get more information to make sure you’re right. We don’t have time for that. Look at what you can, seek your people’s ideas and views, and then do something.
Do not let lack of experience stand in the way of hiring the right person. Counsel and work with subordinates. Don’t send them off to some seminar on decision-making or leadership. Be patient with the people who work for you. Let them make mistakes but expect them to be smart enough not to make the same mistake twice.”
Tom Murphy chose his targets patiently and carefully, reviewing their profit and operating histories. And when he moved forward with an acquisition, it was because he was confident that his team could successfully infuse the Capcities philosophy and business savvy into the new assets.
He then gently said that he did not ask me to a meeting to remain silent … that he and the others wanted my opinion, and that I provided the view of a younger person because the others were a bit older than I was.
I walked into GMA, an observer, smart enough to know that I could not immediately be of any meaningful assistance.