The Mentors
Well, what about the competitor who has already built the fancy storage units in Greers Ferry?
"I'll guarantee you those are financed. I've made some calls. I've looked into the individual. I could cut him $100 a year [in rent per locker] and hurt him bad."
Grassroots market research was a Sam Walton trademark. Sam rode with his truck drivers, asking, "What can I do to make your job easier?" He buttonholed customers and queried vendors. Sutherland recalls how Walton was once driving his pickup in a parade in Bentonville. Passing one of his stores, he grew so intent on counting the cars in the parking lot that he ran into the back of the truck ahead of him.
Kent Sutherland readily acknowledges, "I'm definitely not the smartest guy in the world," but he compensates by working hard--and by always doing his homework. On weekends he hangs out at his car wash and talks to customers. He figures he has interviewed 250 of them on how to improve the car wash. Buying the land for his mini storage, Sutherland realized he would end up landlocking the property owner behind him, which forced a subsequent sale to Sutherland at a fire-sale price, allowing him to build even more storage units. Spend a little time with the man and you come away believing him when he says, "While I'm here on this earth, I want to learn as much as I can about business."
Sutherland arrives back at his office five minutes before the stock market closes. The television is on, tuned to CNBC, and his computer is running, flashing stock quotes. Something has caught his eye. "I'm going to try to buy Exxon. It's down 1 5/ 16 for the day." Since the market is about to close, he places the order by phone. "I need to buy 2,364 shares of Exxon at 59 9/ 16. Please hurry." The broker asks if that price is indeed available. Sutherland can see from the information on his computer screen that it is, and that makes him impatient. "It's there. Yeah, yeah, put it in, please." The trade goes through in the nick of time. Sutherland will look for a pop in the stock when the market opens tomorrow. He will look to squeeze a little more profit from one more in a stream of opportunities coming his way.
Edward O. Welles is a senior writer at Inc.
Other Entrepreneurs Talk About the Mentors Who Meant a lot to Them
Tom Stemberg, founder, chairman, and CEO of Staples, a $5.2-billion chain of office-supply superstores
Best advice given: "Apply your supermarket efficiency skills in a new business that's underserved by modern distribution channels." --Stephanie Gruner
Katharine Graham, chairman of the executive committee, the Washington Post Co.
How they met: Graham took control of her company in 1963. The company held an initial public offering in 1971. Buffett began to amass a stake in her company. Graham sought Buffett out for a meeting to determine whether his intentions toward her company were hostile. The two became fast friends, and Buffett helped Graham develop business savvy and confidence.
How often they meet: "Several times a week--less now, as he is busier," Graham says.
Best advice given: "To repurchase our stock," as Graham did in 1979. The average price the company paid was about $22 per share. The stock is now worth $528 per share. --Mike Hofman
Lynn Frydryk, founder of $1-million-plus J&L Peaberry's Coffee & Tea Co., in Oakland, Calif.
How they met: Frydryk worked for Peet at a company he had founded called Peet's Coffee and Tea. She never solicited him as a mentor. She says he adopted her.
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