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
Mentor: Harvard Business School professor Walter Salmon
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.
Mentor: Warren Buffett, chairman, Berkshire Hathaway Inc.
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.
Mentor: Alfred Peet, specialty-coffee guru
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.
How often they meet: Frydryk and Peet used to visit about once a month. Now they meet irregularly.
Best advice given: Peet told Frydryk, "Before starting your own business, you really would be wise to make your mistakes on the payroll of someone else's business. It's a very sound theory." --Stephanie Gruner
Steve Leveen, cofounder and president of Levenger, a catalog business in Delray Beach, Fla.
Mentor: Stanley Marcus, chairman emeritus of Neiman Marcus
How they met: Leveen read Marcus's book Minding the Store and wrote him a fan letter. Marcus wrote back.
Best advice given: "No sale is a good sale unless it's a good value for the customer." --Stephanie Gruner
Jenai Lane, founder and president of Respect Inc., a $2-million accessory company in San Francisco
Mentors: Tara Donohue, co-owner of a children's clothing wholesaler called Loo NÄ, and Cecilia Lynch, a strategic-planning and brand-development consultant at Beam Inc.
How they met: Lane found Donohue and Lynch through WISE (Women's Initiative for Self Employment), a microlending program through which Lane qualified for three loans and a mentoring arrangement.
How often they meet: Lane spent six months each with Donohue and Lynch, meeting with each woman twice a month for up to five hours at a time.
Best advice given: Lynch stopped Lane from hiring the wrong key manager. "In one case, Cecilia helped me screen candidates for a management position. She was really instrumental in helping me choose the right person for the job. I probably would have hired the wrong person. She's very seasoned. And I was completely new at it. It was really helpful to have another opinion." --Stephanie Gruner
