OOH …Here’s One Thing (to inspire young professionals in outdoor advertising and finance sectors to value their early career days)
Glory Days
by Jim Johnsen,
Managing Director, Johnsen, Fretty & Company
I had the opportunity to swing by the New Tradition holiday party this past week (nice job by the way, guys!), and the one thing that struck me was all the young, fresh, eager, and attitudinal faces in the crowd. There was no lack of swagger. I get it. When you are young and new, the last thing you want to show is your vulnerable side. Yet seeing everyone together reminded me of the camaraderie that makes this industry special, fostering a sense of belonging and shared purpose for everyone involved.
All the same, the group was smiling, laughing, and generally having a really good time. That got me wondering whether this night was one of their epic ones. You remember when you were young, and everything was novel, bigger, and brighter?
While I may be able to recall five distinct days from the past 5 years on the job, I can still remember, with almost perfect clarity, nearly dying in Sheldon Hurst’s plane, or watching a client’s head popping through a $20MM 16th century Duke of Marlborough painting, or watching Randall Swaney jump into the Chicago River in December to win a $25,000 bet from Dan Simon. Yes, there are more, but I will save those for another time.
The one day I want to share is my 2nd day in the outdoor business.
Happy as a clam to be working for Dennis Brush and Bruce Procton, I had already done some investment banking, so I was fresh, eager, and thought I brought some swagger. Dennis usually got into the office at 4 am and left by 10 am. In 1991, he had already figured out the remote work thing. The cell phone in his Porsche, while attached to the floor, still worked pretty well.
At 11 am, Dennis called me and said, “Look, two gentlemen are going to arrive at the office in 15 minutes. Show them into the conference room, get them some coffee, tell them I had a conflict, but let them know I am available by phone”.
“Okay, no problem, boss, ” I replied.
Sure enough, 15 minutes later, in walks Jim Eatrides and Ash Varma. Handshakes all around, and then “Where is Dennis?” Ehem, Mr. Eatrides, Dennis had a conflict. “What do you mean he had a conflict?” (I am leaving out the expletives to keep it clean). “I flew in from Pittsburgh to see him, and he confirmed the meeting”. “I am really, really sorry about that, Mr. Eatrides …but the good news is Dennis is available by phone, and I can dial him right now.” A few more expletives. “Okay, get him on the g-d-mf phone.”
I ring Dennis. Goes right to voicemail. “Can I get you guys another cup of coffee?” “What the hell is going on here?” “Mr. Eatrides, let me try him again.” Fifth attempt —Dennis picks up—my heart rate is 150. “Dennis, I have Jim and Ash here in the conference room. Let me put them on speaker.”
“Jim, Ash, so sorry I could not get together with you today. Something came up. But let me cut right to the chase. GE Capital and the Heller Financial boys are no longer comfortable with you guys. They have decided to give the Pittsburgh/Cincinnati/Hartford/Scranton deal to someone else. Very sorry to have to deliver the bad news, but there is nothing I can do.”
A very, very pregnant pause.
Finally…”Dennis, you f–ed us.” And without missing a beat, Jim Eatrides picks up the entire phone, base and all, winds up and throws it against the wall. It explodes into 200 pieces. I look down at the phone, and then look up at Ash Varma’s back, as he follows Jim out the door. Huh, I guess things are a little different in this billboard industry.
20 minutes later…”Hey Dennis, I am still trying to get my sea legs here. What was that all about?”
“Don’t worry about it, those guys are just a little upset that they blew their own opportunity. But more importantly, I need you in the office early tomorrow as Tom Martin is coming in on a red eye, and he wants to prep for a meeting with GE Capital/Heller Financial.”
“Okey Dokey, Dennis.”
Fast forward, 7 am in the Lipstick building.
Tom Martin (that’s Country Tom for those who remember) walks in wearing a pair of jeans and a flannel shirt. Suits were still a thing back then. Like the good little analyst, I break out the presentation and the projections for the meeting. Martin lets me talk for a couple of minutes and then, in a soft voice, tells me there is a change of plans. “We are not going just to ask them to hand over the keys to Pittsburgh/Cincinnati/Hartford/Scranton for $1MM in equity and $59MM in debt they will provide.” (Publisher’s Note- the Pittsburgh/Cincinnati/Hartford/Scranton plants in reference are the very same plants currently owned and operated by Lamar Advertising).
Huh? We are also going to ask them for an additional $10MM of debt so that we can buy all the competitors in these markets. If they don’t agree to that, we will tell them we are leaving because those competitors will continue to eat their lunch.
At this point, I would really like to loosen my tie. Why did I accept this job?
A guy from Paso Robles, California, wearing a flannel shirt and jeans, was going to convince some really pissed off fancy bankers who recently ate the banana on the F&K (aka Patrick) deal in providing the capital for it, to not only hand over the keys to a $60MM deal but also pony up another $10MM in exchange for $1MM. What have I gotten myself into?
Fast forward to 10:30 am. Outside the Chrysler building.
“Tom, how about some lunch to celebrate?” “No, I have to run to catch a flight back to LA…but good job. There wasn’t a term they didn’t agree to. I mean, other than having to offer up the Colorado River plant as additional collateral, I think we had a clean win. Let’s push to close this thing within 30 days.”
Fast forward 6 years. Tom sells the thing for $660MM.
And while that, in and of itself, was amazing, what was even more amazing was what Tom did with it during those 6 years. He built a team and a culture that would rival any I have ever seen. He played coach, manager, and confidant, and he let his players run. And run hard they did. He cheered the shit out of their wins, and he admonished them for their losses. He was always a phone call away. And he made it fun. And he brought a lot of love. I am sure there are some Martin Media folks out there who can add more to this picture. Feel free to chime in.
But I digress. Boys and girls with fresh faces. Take it all in. These are your glory days.
Provided to YouTube by Columbia Glory Days · Bruce Springsteen Born In The U.S.A. ℗ 1984 Bruce Springsteen Released on: 1984-06-04
Securities transacted through StillPoint Capital Member firm FINRA/SiPC
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