Over the years I’ve written a number of posts with a common theme revolving around various Analytics-related subjects. This article will be a great departure from my precedent, in that it would focus on the subject of Leadership, but also is based on a book. In fact, this is simply a collection of my notes after reading my first book so far this year: “Leave Something On the Table” by former Hearst Media CEO, Frank Bennack. In this book Mr. Bennack shares his advice on building success in one’s career and in personal life. Frank Bennack knows what he’s talking about: during his two stints as company’s CEO from 1979 to 2002 and 2008 to 2013, company’s revenue grew 14 times, while earnings rose 30 times. This growth is attributed to business expansion from a primarily newspaper publishing enterprise to a diversified media portfolio of magazines (Cosmopolitan, Esquire, O the Oprah Magazine, Car and Driver, etc), cable TV networks (50% stake in A&E; 20% stake in ESPN), 30+ local TV stations, financial services leader Fitch Group, a group of data, information, services and SAAS providers, and digital advertising companies. Still not convinced? Endorsements from other successful business people, including Michael Bloomberg, Ralph Lauren, and Robert Iger could help establish Mr. Benack’s credibility.
DISCLAIMER: While I attempted to preserve as much original content as possible, below rules are a combination of book text as well as my notes and often interpretation of ideas presented.
Rules for Success:
- Comb your hair.
One of the two rules Mr. Bennack’s mother wanted her only child to follow. My interpretation is that anyone who wants to be taken seriously needs to look the part. Unless you are an entrepreneurial multi-billionaire, people are not likely to do business with someone whose looks do not inspire confidence.
2. As soon as you’re old enough to work… get a job.
The second and the last rule by Mrs. Bennack. While not many of us would be as motivated as Frank to start working at the tender age of eight, holding a job during one’s teens would help them earn a great deal of financial independence, develop strong discipline, and expose them to various work experiences that would come in handy at a later time.
3. Be born into a family where your parents teach you what’s important: honesty, integrity, hard work, concern for others, and that the mistakes can be overcome.
If you were not fortunate enough to have parents who instill these values into your character, make sure that you cultivate these qualities on your own.
4. You can’t make your way alone. Find a mentor.
“Mentors can not only teach you but help push you up the ladder.” Frank Bennack’s experience is a great testament to the role mentors played in his career: starting at the bottom as a classified ads salesperson, quickly climbing the ladder within newspaper organization and getting the coveted post of newspaper publisher at 38 – a feat that could not have been achieved without a powerful mentor. Yet even more powerful mentors spearheaded his continual rise to company’s CEO by the time he was 46 years old. Mr. Bennack candidly recognized the role of Lady Luck in his career: “If ever someone was in the right place at the right time, I was that man.” Having a solid foundation is important, finding people who can help you build upon that is even more important.
5. It’s not who you know. It’s how you know them. And how they know you.
One of the anecdotes Frank Bennack used in his book was citing an event during his Texas days where he impressed Hearst’s top brass by knowing every one of 200 or so San Antonio dignitaries by their name. His lesson here is to get involved with the causes important to you outside of work, build a network of civic-minded professionals, and be open to any opportunities along the way.
Mr. Bennack’s most successful deal was purchasing a 20% steak in ESPN for $ 167 million in 1980. Fast forwarding to March of 2018 and that investment was worth an estimated $5.6 Billion netting a healthy 3,254% ROI. He attributes this deal solely to the relationship he build with other partners.
6. Relationships and the highest price win every time.
Building the right relationships helps, but paying the right price does not hurt either when you are working on acquiring a new business.
7. Leave something on the table.
Author shares great words of wisdom in his prologue:
“It’s not currently fashionable to make the case for the high road. It looks longer, and old-fashioned, and it’s easy to conclude that while you’re climbing the ladder, burdened by your values, others are reaching the top faster. But if the stories in these pages suggest a broader truth, it’s exactly the opposite: The high road is quicker, with a better view along the way, and more satisfaction at the summit.”
Mr. Bennack also ends his book with the same most important lesson that inspired the title of his book:
“In a digital age, when too many employers treat their people like seasonal help, it’s easy to fall into the trap of Xs and Os and to that the business is a zero-sum game: You win or you lose. If you haven’t been trapped in a cave, you know better – your victory doesn’t require your opponent’s annihilation. In every interchange, in every transaction, it’s not just good manners it’s good business. You may want to play another day. Leave something on the table.”
After all, both sides can’t get equal value from a deal, but coming from a place of respect ensures that everyone wins.
The CEO: An Operator’s Guide
- CEO is a father/mother figure
Promote from within, grow your leaders, invest in your company culture and if you have to “import” new talent, go for superstars.
2. Avoid headhunters.
It’s not enough to look for employees with rich work and life balance, it’s equally important to seek out people who are involved with charitable organizations and perform intellectually stimulating or rewarding activities. Frank Bennack’s personal involvement included board appointments with Metropolitan Opera, Paley Center for Media, Lincoln Center for the Performing Arts, New York-Presbyterian Hospital and a rotating list of for-profit enterprises.
3. Get social with your leadership team.
Mr. Bennack sought out opportunities to bring executives and their spouses together outside of work environment. These included nights on the town and an annual pilgrimage to his Texas ranch featuring fun-packed activities. Getting a buy-in from a spouse is vastly underrated.
4. An open-door policy.
A closed door could send a wrong signal of hiding something. Whenever there is a bad or significant news to deliver, schedule your meeting at the other person’s office to show your respect.
5. Rigid corporate structures limit your movements.
It’s important to follow your organization chart, but sometimes ignoring it could help you get the job done faster and more effectively.
6. Meetings are a necessary evil.
Regular meetings with senior leadership helps CEOs stay better informed and involved with the company and various departments within it.
7. Open space office provides “too much transparency”
Be considerate of your employees and provide a space for them to “cry.”
8. If something looks too good to be true it probably is.
Mr. Bennack uses an anecdote from his life as a publisher, when he realized that a certain retailer was buying an excessive number of ads, eventually leaving his newspaper with the large inventory of their products [Korean wigs] in lieu of payment for company’s ads.
9. Schedule your Me Time.
CEO’s job is often a 24/7 gig, yet it’s equally important to sometimes step away from the grind and focus on pleasurable activities. That too shall pass – neither your success, nor failure would last.
Other Notes
In a refreshing turn from today’s practices, this book stays fairly clear of politics. While Mr. Bennack described his privilege of having met a number of U.S. presidents from LBJ to Donald Trump, he acknowledges that he was not a confidant for either of them. The only political statement he indulged himself with was assertion that “While …. all of the incumbents were born equal … their contributions to the nation are not.”
Bennack’s included a rather extensive essay on the history of building a 46-story (!) addition to the original 1928 company headquarters. In fact, Hearst Tower is rather an impressive building: the first skyscraper to break ground in NYC after 9/11, earning the first LEED Gold skyscraper certification in the city, offering over 860,000 sq. ft. of office space, including a 3-story waterfall sculpture and a 70-foot tall fresco painting, costing half a billion of U.S. dollars to erect. I spent two years working for one of the 360 companies under the greater Hearst umbrella, and a visit to company’s headquarters in midtown Manhattan was certainly one of the highlights of my time with this organization. This building is probably more spectacular in person than even a great storyteller such as Mr. Bennack could describe.
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Should you read this book?
This book was billed as both a memoir and a leadership manual. You definitely want to read this book if you are looking for interesting stories involving prominent businesspeople, politicians, celebrities and media greats of the past, such as Helen Gurley Brown and John Mac Carter. This might also be a good book if you have a personal connection to one of Hearst holdings. When it comes to business and leadership advice this book did offer some great ideas, but not at the scale that a more typical leadership book offers. Specifically, I found this book lacking a lessons learned section. The reality of the business, and for that matter, life in general, we all make mistakes, and often are faced with difficult decisions. Frank Bennack’s stories seemed to be mostly feel good ones, smooth sailing, highlighting his professional and personal success. Surely, anyone with such an illustrious career track has run into a few obstacles along their way. I think that many readers would benefit from examples showing his experience in managing conflict, dealing with errors in judgement and otherwise navigating turbulent waters of leadership.
Have you read any leadership books that you could recommend and can you share any tips for success?
