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David DiPasquale is a past chairman and director of the Two Ten Footwear Foundation, and currently chairs its investment committee. He is also the board chair of Birthday Wishes, a non-profit bringing birthday parties to homeless children in shelters throughout the northeast United States. Prior to opening his consultancy, David spent 11 years at The Stride Rite Corporation in a progression of positions including division president of the Sperry Top-Sider division. He spent 7 years with Hanson Industries (later named US Industries), first as CEO and chairman of its EJ Footwear unit, then as the chairman of its recreation and leisure group. He, with a partner, was also briefly the majority shareholder of the Ground Round Restaurant chain (GRXR), successfully selling to a private equity firm. David was also Co-chairman and COO, then CEO, of the Dexter Shoe Company.
CEA interviewed David on behalf of all its members. An excerpt is as follows.
Q: Your favorite book(s)?
A: “To describe my reading selections as eclectic would be an understatement: Everything from religion to pop culture, politics and economics to technology; almost always non-fiction. I tend to stay away from the flavor of the month business fad gurus. For the best business counsel stick with classics like Drucker. In my queue at the moment are Book of Job by Kushner, and Crossing the Line by Derek Sanderson. Wish I have something weightier to report, but always better to be truthful.”
Q: Can you tell us what your first job was like?
A: “I went to work at 15 in a large restaurant, staying 7 ½ years and ultimately doing every job. Invaluable lessons about working on a team of people with diverse skills and backgrounds, and handling customers have stayed with me to this day.
My first professional job was in operations finance in a rapidly growing segment of the computer industry. The combination of a demanding but mentoring boss and the opportunities presented by the business’ growth helped jump start my career.”
Q: Can you share some of your ‘secrets’ to successes in your professional life?
A: One of my favorite expressions defines luck as when preparation meets opportunity. I have friends who labored for many years, very competently, and never had a breakthrough. Then, an opportunity presented itself and they were rewarded for all the time they were preparing. Without the years of diligent attention to their skills, they may never have recognized the opportunity for what it was.
I would reflect on the opportunities that presented themselves to me and see that they came because of the mix of training I received earlier in my career in both finance and sales/marketing. I am forever grateful to my mentors who guided me from poor choices and complacency.
Q: I am an entrepreneur. How do I bring my business to the next level?
A: “No one always has the right answer to this one, but this is what I often work with clients to help determine. There is a process of examination which works most often. It begins with where you want to be, and what you are currently doing to get there. Often, aggressive managers are trying too many things and need to focus their efforts. Sometimes business owners with some established success are harvesting too much of the entity’s earnings and lack a plan for effective reinvestment and growth. I help them determine the right path to “the next level”.
Every successful entrepreneur and business leader has a narrow group of advisors they can turn to; confidantes who help them reflect objectively on their business and lend technical advice when needed. Some are blessed with personal mentors who can serve this purpose; others hire people like me. If you think your business is stalling, reach out for help. It is a sign of strength, not weakness.”
Q: What is your advice to people who are considering changing careers?
A: “I get this one often. Unless an individual is in crisis and must make a move at once, I think the best counsel is to be sure you are making a move to something you really want to do, rather than a move away from something that has become too problematic.
Early in my career, I considered leaving my company because I was struggling with some of the interpersonal issues affecting the culture(read politics). My boss at the time gave me good advice. He told me that resolving my issues in an environment which I mostly understood would be easier than doing so in a totally new company with many more variables to manage. I stayed several more years and emerged the better leader for doing so.”
Q: For students about to graduate, what is your advice?
A: “They really can’t make a mistake. Do not be afraid to try new things and take a few risks.
Be diligent and realize how small the world is, meaning that other people should be dealt with as though you will work with them the rest of your life. Most good job opportunities will come from referrals from others. Every day,build the inventory of people who will speak well of you in the future. Integrity is a most critical asset.”
Q: I am too shy to talk to people to sell my product/service. What do you suggest?
A: “This is a very curious question, but one I have heard before. I have two thoughts:
First, I am wondering what someone thinks happens when they are “selling”. Many people who have never worked in sales thinks it involves convincing prospects to do something they might not otherwise do. In fact, the most successful salespeople help customers solve problems and are forever in demand for doing so. Get a customer to talk about their business. The longer they talk, the more you learn about how your product can help them solve their problem. Then its an easier matter to help them understand the fit. Your empathy as a listener will not be lost on them either. Second, if you don’t believe in your product’s validity, then who will? This is an area that is definitely worthy of an investment in some training. It’s more than an issue of sales, it’s leadership. Depending on your personal situation, I would recommend any number of techniques, from pre-recorded tapes to one-on-one trainers, depending on the acuity of your needs.”
Editor’s Note: This article was originally published in the April 2013 CEA Newsletter.