William S. "Billy" Morris III
Augusta, Georgia
2002 Galbreath Award
(Transcript of Lecture)
The
John W. Galbreath Award for Outstanding Entrepreneurship in the Equine Industry
has been presented each year since 1990 to one individual whose success within
the industry has been due to the utilization of uncommon abilities or innovative
approaches to business management. Each recipient has had a positive impact on
the equine industry because of his entrepreneurship, and has gained widespread
respect for it.
John
W. Galbreath, in whose name the award is presented, distinguished himself
internationally as both a horseman and a businessman. No one else has ever bred
and raced winners of the Kentucky Derby (Chateugay and Proud Clarion) and also
the Epsom Derby (Roberto). He was the owner of Darby Dan Farm (producer of over
90 stakes winners) and the Pittsburgh Pirates baseball team, as well as chairman
of the board of Churchill Downs. His business interests included large-scale
development projects around the world.
Winners
of the Galbreath Award have been: John A. Bell, 1990; James E. Bassett, 1991;
Cothran Campbell, 1992; John R. Gaines, 1993; Ami Shinitzki, 1994; Robert Clay,
1995; B. Thomas Joy, 1996; John Lyons, 1997; D. Wayne Lukas, 1998; Thomas H.
Meeker, 1999; Denny Gentry, 2000; David S. Willmot, 2001; and
William S. "Billy"
Morris III. Recipients are invited to the UofL campus
in the fall of their award year to deliver the annual Galbreath Lecture to
students, faculty, and guests, usually dealing with their own experiences and
their personal philosophies.
As a young boy, William S. "Billy" Morris III convinced his father, publisher of the Augusta Chronicle, that a pony would be great for delivering newspapers. In retrospect, the incident foreshadowed Morris's three adult careers; professional newspaperman, dedicated horseman, and successful entrepreneur. Morris began with the newspaper in 1956, and under his leadership, it grew into Morris Communications Corporation, one of the world's leading media companies. An avid cutting horse enthusiast, Morris helped create the Augusta Futurity in 1979, an event he still serves as chairman. In 1985, he launched Equi-Stat, a statistical database that has made western performance sports more exciting and businesslike. Today, his firm owns and publishes a leading group of equine magazines, including the venerable Western Horseman.
The John W. Galbreath Award is a project of the Equine Industry Program (EIP), an academic unit of the University of Louisville’s AACSB-accredited College of Business and Public Administration. Created by an act of the Kentucky State Legislature, the EIP is the only equine program in North America that offers a BS degree in business administration. Through 2001, more than 500 undergraduate students have taken EIP courses. Other EIP functions, in addition to teaching, are industry research and professional service.
Copyright 2002, Equine Industry Program
Equine
Industry Program
College of Business and Public Administration
University of Louisville
Louisville, KY 40292
Dr. Robert G. Lawrence, Director
Office: 502.852.7617
ROBERT G. LAWRENCE:
When we instituted the Galbreath Award, we wanted to honor people whose entrepreneurship had made a real difference in this industry. We thought even back then that we might learn about some unheralded achievements by people we were familiar with, and also that we would uncover some people we were not familiar with. Well, we sure have done both, and it’s been a wonderful experience. You can’t help but be impressed by the twelve individuals who have won this award to date.
We are certainly impressed today to have as our thirteenth recipient Mr. William Morris, a man who is a significant and worthy addition to our list and one whose interests and achievements are complementary to those of
Mr. Galbreath himself. There’s no questioning Mr. Morris’ entrepreneurial success. He started with a relatively small newspaper and now owns one of the largest mid-sized communications companies in the world with newspapers from Alaska to Florida, magazines, broadcast stations, book publishing, and outdoor advertising. But he’s here because of his impact on the equine industry.
He has a passion for publishing and a passion for horses, which helps explain, I’m sure, why he owns five equine publications, including Western Horseman, which has long had the largest paid circulation of any horse publication in the world. I talked to the editor and he said, “I don’t know how Mr. Morris approaches his other holdings but he brings a personal passion for the horse which goes far beyond the normal owner interest.” Today at lunch, he said, “You know, Bob, I can always find editors, but what we need are editors with a real passion for the horse.”
On a personal basis, Mr. Morris is a lifelong horseman. Growing up, he delivered papers on horseback. In 1970 he bought a farm and soon became interested in cutting horses. He has stayed interested and has stayed in the saddle. As the western singer and songwriter Ian Tyson once wrote, “He’s carrying a cutting disease for which there is no cure.” In 1979, he helped launch the Augusta Futurity, an innovative cutting event that runs for nine days, attracts about 30,000 people, and pays $250,000 added money. That’s good money in cutting, even in Texas. Mr. Morris has been show chairman for 23 years.
He’s done many other things for this industry through Quarter Horse News, the EQUI-STAT data service for performance horses, and his development of the National Barrel Horse Association, but I need to let him give this lecture. Please welcome Mr. William Morris, the 2002 Galbreath recipient.
WILLIAM S. MORRIS III:
Thank you.
Ladies and gentlemen, it’s wonderful to be with you. I always love to come to any university campus. And while I’ve been to Louisville several times, this is my first trip to your campus. Shame on me! But I’m here today and I’m here very enthusiastically and I’m honored to be here. It’s wonderful to be with all of you.
I’m honored also that I’ve been chosen for this award this year. I never knew Mr. Galbreath but I’ve read about him and I’ve heard Rich Wilcke talk a little about him. He was obviously an outstanding man who really did make a major contribution to sports and to the horse business. I am honored to be the recipient of this award in his name this year.
We are all here because of our love of horses. I must confess to you right up front that I have a bad case of equine fever. Perhaps some of you have it, too. I caught this malady as a youth. As you know, there is no known cure for equine fever. But the symptoms can be treated. You simply get a good horse … a saddle … and go riding. And that gives immediate relief.
I really don’t know why I love horses so. The truth is that I should hate them. The have kicked me, bit me, bucked me off, tried to run away with me, taken my money, broken my heart, disappointed me, and stepped on my toes. But despite all of that, I love them.
What could be more wonderful than a horseback ride through a lovely forest, a trail ride across the beautiful plains in the West, or a long climb on horseback up a mountain trail to your favorite trout stream?
What could be more exciting than riding a cutting horse in competition − where horse and rider must work together in precise synchronization?
What could be more exhilarating than taking a horse over a tall jump in competition? What could be more satisfying than taking a horse through a precision show routine and winning?
What could be more thrilling than roping a steer − head or heels in competition and having your horse support you by being in just the right place at just the right time?
What could be more gratifying or exhilarating than seeing a horse you raised, trained, or own cross the finish line in first place? What could be more fun than a day on horseback riding to the hounds?
Yes, horses give us much pleasure. Winston Churchill put this feeling into these much-quoted words – you’ve heard them: “There is something about the outside of a horse that is good for the inside of a person.”
Let me tell you about my early experience with horses. My earliest memory of horses is being held in my grandfather’s arms in front of his saddle and riding down the road to his farm in Aiken, South Carolina I was but an infant, but this first memory of a horse must have made an indelible impression on me because I’ve always remembered it. I started taking riding lessons in my hometown of Augusta, Georgia, as soon as I was old enough. I was taught by a great woman named Alice Minick, who, along with her husband, had a livery stable on the south side of town and taught riding to young boys and girls.
During World War II when gas was rationed, many of my friends’ parents gave them motor scooters and motorbikes to get around on. Several of my close friends had them, and I wanted one in the worst kind of way. My dad, knowing that several of my friends had had serious wrecks on these scooters, would not give me one. At the time, there were two popular ones − Whizzer and Cushman motor scooters. My, how I wanted one, and, my, how I begged my dad to buy me one.
Finally, one day when I was importuning him strongly to buy me a Whizzer, he said, “No, son, I’m not going to buy you a Whizzer, but (knowing my love for horses) I will get you a horse.” I said, “WOW! That’s great!”
A friend of mine owned a horse named Baron, a small horse − about 14:2 hands. The friend had lost interest in riding, so my dad purchased the horse for $150, including saddle and bridle. Fortunately, our backyard was large enough for a stall and a small paddock, which my father had built.
So that my younger brother would not feel left out, Dad bought him a goat and a cart. The goat’s name was Billy-Billy. So, Baron and Billy-Billy became inseparable companions.
When I was about 12 years old, I got a morning newspaper route and threw papers from Baron’s back, as Bob Lawrence mentioned. After awhile, Baron knew the route as well as I, and he would lean against me as I threw papers on one side of the street, then on the other side. What a great horse!
I had one problem, however, and it was Billy-Billy. Early in the morning when I took Baron out and rode off to deliver The Augusta Chronicle, the goat would pitch a fit. He didn’t like being left alone. He would bleat and bleat continuously, waking all the nearby neighbors.
Well, I had to do something so I finally decided to let the goat follow along behind Baron. Billy-Billy could keep up all right and, in those days, there was almost no vehicular traffic on the mostly unpaved roads early in the morning. So, it was safe.
The problem, however, was that Billy-Billy learned the route, too. But, he figured out one other thing. On most driveways, I would canter down, throw the paper on the porch and canter back. Well, why did Billy-Billy need to make that dead-end trip? He would just wait for me at the street corner. Soon the wait turned into more: He could not resist the temptation to eat my subscribers’ flowers.
Do you know how many flowers a goat can eat in about 30 to 40 seconds? Well, the answer is a lot! Pretty soon I started getting complaints from my customers. “Now, young man, I don’t mind you delivering my paper from your horse, but that goat has to go.” Poor Billy-Billy. From then on, I had to leave him locked in the stall every morning − alone in the dark.
Of course, I never realized it at the time, but my father was trying to teach me some important lessons of life by giving me Baron. He said to me, “Son, if I get you the horse you will have to take care of it. That means feeding it twice every day – before you go to school and late in the afternoon before supper. You will have to wash and groom the horse and clean his stall. You will be totally responsible for him. Neither your mother nor I will do those things.” Of course, I gladly agreed; I wanted the horse so badly.
But I know now that my father was very wise. He realized that my owning a horse was a great opportunity to teach a young boy some valuable lessons: responsibility, accountability, and the proper care of animals.
But I learned even more things from this experience that have continued to bear fruit in my adult life:
As we all know, riding a horse in the rain is no fun, but those newspapers had to be delivered on time. The customer was not concerned − and rightly so − about my problems or inconvenience.
your job. It could be a machine, a vehicle or, in this case, a horse. If my horse were sick − had foot or other problems − I could not get my job done properly. Take care of your property: an important lesson for any youngster to learn.
Finally, this experience taught me that it was all right, yes, essential, to have fun at your work. I loved horses. I liked my paper route and I liked to earn money. To serve your customers, to make a profit, and to do something you enjoy is good.
So, early in my life, my little horse taught me:
Rich Wilcke tells me that these remarks are going to be printed. That reminds me of a story about Adlai Stevenson. Adlai Stevenson, of course, was a famous politician in this country. Back when he was active in politics, he once made a talk and after he was finished a little lady came up to him and said, “Oh, Mr. Stevenson, Mr. Stevenson, your remarks were just so, so superfluous.” Well, Mr. Stevenson, in his very gracious way, said, “Thank you.” But she wouldn’t turn him loose. She said, “Are your remarks going to be published? Are they going to be published?” And he said, “Yes, I think they will be, probably posthumously.” She said, “Oh, good. The sooner the better.”
Rich asked me to share with you some of the things I have learned along the way in my business career, as well as the philosophies, beliefs, and principles that have guided my life.
It is certainly true that my childhood experiences have played a large part in shaping my beliefs, but, contrary to what you might think, I haven’t spent all of my life on horseback − although that would have been fun!
Along the way, I have been blessed to be in a business that I loved and that has grown through the years. I have already told you some things I learned from Baron and Billy-Billy. Here are some other lessons I have learned in business − and in the business of life itself:
half full, not half empty. Think success, not failure. Be positive. Be aware of negative environments and avoid them. Someone once told me, “Attitude is the paintbrush you color your life with.” Think about that! That’s a pretty good expression. I like that and I agree with it.
bond. Take responsibility for what you do and be dependable. If people know they can count on you, they will respect you and want to deal with you.
Adopt the trenchant determination of Winston Churchill’s inspiring message: “Never give in, never give in, never, never, never, never – in nothing, great or small, large or petty – never give in, except to convictions of honour and good sense. Never yield to force. Never yield to the apparently overwhelming might of the enemy.” Winston Churchill, the great leader of the last century. I remember asking my father one time who the greatest man of the century was and he said Winston Churchill. Dad died in 1967, so that puts it in perspective, but I’ve always been a great admirer of Churchill’s, too.
happen and be persistent. Someone said, “Success is a marathon, not a sprint.” I believe that.
some of you − don’t think your learning and studying are over. They are not. Actually, they have just begun. The world in which we live is changing every day and you and I must change with it. Otherwise, we will fall behind and do so quickly. Take every opportunity to learn.
Former President Calvin Coolidge once said, “Nothing in the world will take the place of persistence. Talent will not; nothing is more common than the unsuccessful person with talent. Genius will not; unrewarded genius is almost a proverb. Education will not; the world is full of educated derelicts. Persistence and determination alone are omnipotent. The slogan "press on" has solved and always will solve the problems of the human race.”
Two other essential things you must remember:
First, believe in yourself. If you make a mistake, recognize it; admit it, take responsibility for it, learn from it, and move on. But don’t lose confidence in yourself.
You will make some mistakes – all of us do. But don’t let them destroy you. After all, failure is just an opportunity to start again. Believe in yourself.
Second, believe in your faith and trust God. The human experience is a wonderful blessing. It has a beginning and an ending. It is essential to know where we came from and to know where we are going. I am a Presbyterian and I have been an active, believing Christian all of my life. People who know with certainty their ultimate destinations are more comfortable with themselves, their families, and their friends. And, they can get on with the business of life, and work, with confidence.
My Christian faith has been my rock. It has provided me with answers to some of the most fundamental questions of life and has given me the principles on which to live my life.
While I am talking about the things that guide our lives, I want to say a word about morality and business. No discussion of business today can take place without noting the well-publicized misdeeds in some sectors of corporate management. Hardly a day goes by that we don’t pick up the paper and read about them. In some sectors, the normal urge for profit − a laudable motive in our private-enterprise society − has been overtaken by naked greed and even criminal activity.
To you young people who are about to launch your careers, I say this:
First, public confidence in our business methods and our private-enterprise economy is absolutely essential to the future of our country. All of us have a strong obligation to conduct our businesses and our careers in a morally sound manner. Each of us has a role in rebuilding public confidence in the trustworthiness of the corporate structure and the competitive marketplace.
Second, my career in business has proven to me that doing business the right way − the morally sound way − is good business. Many corporate executives – and, unfortunately, their shareholders – have learned that business disaster often follows moral failure.
And this isn’t Sunday, so there will be no sermon for young people today, but just this advice: Build your business life on the same religious and ethical principles that guide your private life. Treat people in business as you treat people in your neighborhood. It’s the right thing to do; and it’s good business.
As I look back over my life, there is one enormous blessing I cannot omit − being born in the United States of America. I thank God for that and I hope you do, too. Folks, we are incredibly blessed to live here, to call this land our own.
The United States enjoys immense prosperity, even during the current recession. Mostly we take these blessings for granted. We think nothing of booking cheap airline tickets online, going to the local walk-in medical clinic and running to the grocery store with no fear that it will be out of any of our favorite brands. We don’t think anything about these things. These are all signs of middle-class life, and our tendency is to think of these things as just part of the landscape. Rarely, too, do we stop to realize our privileged position in the history in the human race.
In fact, the economic choices we enjoy today, and the wealth at our disposal, are highly unusual. Judged by the living standards of all of human history, no time in history can compare to the time in which we’re living right now. We live better today than kings and queens of old, regardless of our economic status.
Consider this: From the beginning of the human race until the birth of our fathers’ great-grandfathers, the average life span was 20 to 35 years, and a third to a half of all children died before reaching the age of 5. As late as 1800, the average life span was only 40 years. Economic conditions before very recently in the history of man could not sustain a world population that rose above a few million.
But in the last tiny fragment of human history, life spans have more than doubled and the world population has increased one thousand times. This, a time of maturing capitalism beginning around 1800, brought many beneficial changes. Ironically, this was also a time when the socialist views began taking root.
Fortunately for us, our forefathers understood well the necessity for freedom − freedom of expression, association, property rights, choices, and the freedom from government interference.
Two months ago, USA Today reported results of a survey of what Americans hold most valuable. By far, the largest number identified “freedom of speech” as the principle they held most dear, with more identifying “freedom of the press.” I submit to you today that they are one and the same. For that matter, without freedom of the press, there IS no freedom. I have built my life’s work upon that principle.
It is the press that year in and year out will stand up for all of these freedoms we enjoy. And those freedoms, I can assure you, are what separate this nation from all others.
Further, these freedoms are at the heart of the economic principles on which our republic was founded:
All essential. Of compelling interest to all of us in business today – indeed, to all Americans – is this question: What is to be the future relationship between business and government?
Books − no, libraries of books − are written on the subject, of course. But I think you young
people, our leaders, and opinion makers of tomorrow, should reflect on a few simple points.
The role of government is to free the American spirit, not to shackle it … to create conditions under which the free-enterprise system will flourish, not wither. Therefore, the less government in business, the better.
And, when government is necessary, its involvement should be kept to an absolute minimum. Left to its own devices, government inevitably expands. The power behind the ever-increasing regulatory agencies and licensing bodies is an enormous lure for bureaucrats who wield that power.
So, I think all of us – your generation, in particular, but mine as well – should strive for wider public acceptance of these realities:
First, the reality that the free-enterprise marketplace has created in America the strongest and most productive consumer-oriented economy the world has ever seen. That marketplace should be left − as much as possible − to police itself, to find its own balance, to reward good business practice, to punish bad business practice.
Second, the reality that we badly need tax reform that will create conditions in which all Americans can accumulate investment capital so necessary to finance modern business. Specifically, we need to reform the capital gains tax and to eliminate the inheritance − or estate − tax.
Third, the reality that if we in business are to win the wider public, and thus the political, support for such reform, we must do two things: We must demonstrate to the public that a stronger, more profitable free-enterprise system benefits all Americans, not just businesses. A strong economy is the rising tide that lifts all boats. And, we in business must keep our own house in good order. We must demonstrate that we can be fair, as well as profitable; honest, as well as efficient; devoted to public service, as well as to our own gain.
With strong public confidence in us there would be no public support for government intervention.
Well, we’ve covered a lot of ground this afternoon … from Baron and Billy-Billy … to personal ethics and business philosophy … ending up in the great hall of government in the greatest nation in the world. It is a journey I have enjoyed, with an audience I also have enjoyed. I wish you many blessings in your life’s journey.
God bless you! And, God bless America.
FOLLOWING THE SPEECH WAS A QUESTION AND ANSWER SESSION:
Question: Was it difficult becoming a publisher at such a young age, and did you feel then that your age affected your ability to build the company at the beginning?
Morris: The answer is no. I was very fortunate in my life in that I always knew what I wanted to do. We talked about our business, the newspaper business, around the family dinner table at night as I grew up. When I went to journalism school, I was editor of the Red and Black, which was the student newspaper. I enjoyed it very much. I came out (of the University of Georgia) and went straight into the business. I knew just what I wanted to do so I didn’t have to switch around between two or three jobs. Now, let me say that it’s all right to change careers. If someone starts down one track − and even though you may plan and lay it out on paper as I suggested and give it a try − and it doesn’t work, it’s OK. I don’t think that’s a failure in any sense. A lot of people today go through two or three different jobs until they find what they want and that’s OK. In my case, I was fortunate in that I had worked in the family business in the summer; I had thrown the paper; we talked about it around home; and I’d been to journalism school. So, I was fortunate.
Question: How did you overcome the fear of going into debt when you started growing from a few newspapers to a large and diversified communications company?
Morris: Oh, I worried about it but I had confidence in my people and what we were doing. I knew what we were doing with our numbers and with our newspapers, and I knew that I could do the same thing with the same people if we bought something else, and we took on a lot of debt. And that’s the way it’s worked. Now, I can’t say I haven’t made mistakes. I’ve made plenty of them, some large ones but, fortunately, I have been able to deal with that. I think the key is having confidence in your ability to make things happen internally and externally.
Of course, there are times when things go against you that are totally out of your control, such as a recession. It happens. That has happened to me and I’ve had to sell some assets because of it. I used to own a Louisville outdoor advertising company. All of these Louisville outdoor signs that you see, these billboards around here, they all used to be a part of our company. We bought them from a neighboring company. But in about 1989 to 1991, in that recession, we had to solve some financial problems and so I sold some of my outdoor plants. It was a disappointment and I hated to do that but I didn’t have any choice.
Question: How do you, or will you, know when Morris Communications Corporation is big enough? When do you stop adding properties?
Morris: I guess when they take me to the cemetery. I hate to say it but that’s the way I’m programmed. We are having a good time in our family business. I’m the second generation and my son Will is 42 years old, married with two children, and he’s the third (generation). He’s really running most of the newspaper division, and I’m running the magazines and books right now and having a great time with it. Our company fortunately is big enough for us to give each other some space and we’re having a good time. You have to continue to build your business, to challenge your people, to raise the bar. That’s what a leader does, and that’s what I hope I can always do.
Question: What do you see as limiting factors for growth of the equine business? Do you see a ceiling on circulation and advertising for your horse publications?
Morris: Well, the equine business certainly has limits to it. It has to deal with how many horses there are out there and what people do with them. It’s a varied business, from racing on one side to trail horses on the other, and a lot of different things in between. I rather think that there’s a lot of opportunity within these niches, and I don’t think I’ll live long enough to see us saturate anything, even if we owned a few more publications.
We’re not the number-one publisher. Primedia is the number-one publisher in the equine business. They have more circulation than we do, although we’ve moved up on them and we’re going to catch them. And the reason we’re going to do that is that we are passionate about what we do. They have a huge, huge company with a lot of publications. They are my friends, but the truth is, they bought one of every publication that came up for sale for 10 or 15 years and not all of them fit together like they should. Our stuff fits together.
Over here on my left is David Foster. David heads up a national magazine group for us, which is our fly-fishing and wing shooting titles and our sporting and outdoor life titles. It all fits together, and it is David’s job to see that these fit together − and David has a passion for it. The same is true of our equine magazines, which are under Carl Mullins in Fort Worth, Texas. They fit together and they are run by people who are passionate about what they do. I think that is the difference and I think from our standpoint we’ve got a lot of great opportunities. … There’s a lot for us to do and there’s always the challenge that a leader has to see that his people are doing the best they can, not just grinding the same old sausage that we did last month or last year.
We live in a changing world and people expect more, and that’s the job of a leader in any publishing venture, to give more. I happen to be in publications that I like. I’m not into NASCAR because that just doesn’t interest me, but there are people who are just as passionate about NASCAR as I am about horses.
Question: How can the performance horse industry become more spectator-oriented? Most spectators tend to be connections to the participants.
Morris: That’s a very good question. At our show in Augusta, we’ve been able to fill the stands on finals night. But our cutting horse show and the National Cutting Horse Association show in Fort Worth, which is like the U.S. Open for cutting, are the only two shows in the country that fill the stands. If you don’t know what’s going on in a cutting horse contest, it’s a little like watching paint dry. It’s just not very exciting. I think to some degree, these events that just go around the ring and around the ring are not very exciting either unless you are in them.
The events that have more risk to them, perhaps some of the high-jumping events … people like to go and watch these kinds of things. I don’t know why, but people just like to go watch things that have got more risk to them. That’s one thing about NASCAR: People think they might see a wreck. Same thing about hockey: They might see a fight.
I don’t really know how to answer that question, but it does worry me because it would be nice to have events that brought more people in the audience.
Question: Does the fact that most horse owners and competitors are leisure-oriented and part-timers make covering the horse business more difficult?
Morris: I don’t really think so for the reason in one word: vanity. Horse owners, whether leisure or professional, have a lot of vanity, and they want to be covered. They want to see their horse win. People spend huge amounts of money to try to get their horses in a position to win. Pick up any of these performance and show-horse publications and just look at the ads in them. These ads are expensive and they’ve got their horse in there. A lot of that is vanity. They just like their horse and are proud of it. That’s vanity. So covering them is not a problem. People will always talk to you about their horse and we don’t have any problem with that at all.
Question: What has been your proudest accomplishment?
Morris: Persuading Sissie to marry me 44 years ago. That was absolutely the greatest thing I ever did. Otherwise, it would be hard to say. I’ve been so blessed throughout my career. I look back over it and see the various things we did, each a stepping-stone that led to other things. In 1970, we were fortunate to buy four daily newspapers in Texas, a pretty deep hole for a country boy. I borrowed a lot of money, but I was fortunate and managed to pay it all off; but it took me about 10 years to do it. Perhaps the biggest move that I have ever made was purchasing The Florida Times-Union and Jacksonville Journal in Florida, when we had to outbid Gannett and Cox … a bunch of the big boys. That was certainly a great accomplishment for us. And it’s been a wonderful, wonderful blessing. We’ve done so well, but I’ve had a lot of wonderful things happen to me in my life. It would be hard to pick. The Texas acquisition moved us up a notch and then the Florida acquisition was a wonderful one.
Thank you. It’s been a great pleasure to be with you, and I wish you all a lot of luck.
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College of Business and Public Administration
University of Louisville
Louisville, KY 40292
Phone: 502.852.4859
Fax: 502.852.7672
