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Gary Smith's Remarks at the Annual Alumni Award Banquet
Good evening! I want to start my comments tonight by saying first and foremost how honored I am being selected for the Bryan School Distinguished Alumni Award. My appreciation and thanks to the selection committee, to Amelia Hopkins who nominated me and to John Bakane and Tim Davis for their letters of recommendation. It’s very humbling to see the number of special attendees here tonight, including my parents and my brothers.
I’ve labeled my comments tonight a Journey Through My Life. In preparing my comments I reviewed Dianne Neal’s remarks from last year and reveled at the similarities we shared as well as noting the differences. Like Dianne, I found accounting through math after deciding that I did not want to be an engineer. At UNCG, I met my wife Marilyn, who has been a key part of my success, in a study room in Cone dorm. I received my undergraduate degree from UNCG in 1981 with majors in Accounting and Business and later an MBA from the Bryan School; and lastly we are both CFO’s of large companies. That’s where the similarities end. While Dianne’s college selection and career decisions appeared well thought out, God must have been watching over me.
Before choosing a college, I had already decided to major in accounting. I chose UNCG because my parents told me that I could either attend UNCG or I could pay my own way. Another key fact was that you could get an Accounting degree in four years at UNCG while it took 4 ½ years at Chapel Hill. Lastly, my brother was attending UNCG and spoke highly of it. You can tell that I was really a strategic thinker as a high school junior.
My first job out of college was in Internal Audit with Dan River. I guess a “C” in Intermediate Accounting had not impressed the Big Eight accounting firms. Opinions changed when I received my CPA exam results in August and had passed all 4 parts out of undergrad. I owe my success on the exam to the excellent Accounting education that I received here at UNCG as well as the Lamber’s Review course scholarship that I received from the University in my senior year. After receiving knowledge that I had passed the exam I went through an interview process and ultimately decided to change jobs and take a job in Greensboro with Cone Mills who had sent me to college on a National Merit Scholarship. As a part of the decision process, I had decided to get my MBA. Again, UNCG did not have to do an extensive marketing job on me – I was in debt, my fiancé was going to UNCG, and I had a job offer in Greensboro. I chose a textile company over Arthur Andersen in Tennessee and a regional accounting firm in Florida. Looking back, maybe I was becoming a strategic thinker. In reality, I had started to realize that even though I was a CPA, I was not an accountant by mindset. Auditing was not a passion – my love was finance and business. I believe that you need to have a passion for what you do to be truly successful. Also, as an individual I’m neither rules oriented nor a linear thinker, I am more concept and outcome driven. My favorite question is “what are we trying to accomplish?” or as a fitting analogy to my own initial career planning – “what do you want to be when you grow up?”
As I have reflected on my life during my undergrad years here at UNCG and also while working on my MBA, I have realized how much I have learned through some of my failures here at UNCG:
- Lesson #1 - The value of direct feedback and the need to seek and follow guidance from those who know better – As a first semester Freshman, I took a sophomore level 8:00 a.m. European History course under Professor Luzinski. My first college exam was a blue book essay exam. I scored a “50”. His only comments were: “Cut the bullshit, this is college not high school – read the material! Next mistake, I took Intermediate Accounting as a sophomore with primarily juniors and seniors who were definitely more focused.
- Lesson #2 - Just good enough is not good enough. Always give your best – When I asked Professor Caldwell why I received a “C” in Intermediate Accounting One, he pointed out that I hadn’t turned in any homework and that it was 10% of the grade. In my immaturity I told him that it's not what you do in practice but what you do on game day that counts. I still got a “C”. In Intermediate Two, I received a “B” when I thought I had a chance at an “A”. Professor Post told me that I hadn’t tried and therefore I hadn’t earned the consideration for my grade to be rounded up.
- Lesson #3 - Appearances do matter – I went from sitting on the back row in Accounting with Tim Davis and trying to fly under the radar to realizing that in business appearance does count. Professionalism in how you conduct yourself will impact how well people listen. Other than letting people underestimate me in negotiations because of my southern accent, I no longer try to under-impress.
- Lesson #4 - People are important – The only “B” I received in the MBA program was Organizational Behavior which I tried to breeze through. At the time I didn’t appreciate the value of the course. Going through the trials that we endured at Cone and then merging two competitors with different cultures made me realize how important people are. Over my career I come to realize that you’re only as successful as those around you. I had the opportunity to build a high performing team at Cone that was close yet we challenged each other every day, now I’m getting a chance to build a new team at ITG.
I also had some of the best times of my life here at UNCG. While here at UNCG as an undergrad, I can remember the wasps at the old Curry building with open windows before it was renovated and air conditioned, Dr Weeks as a professor (one of the best and toughest that I ever had), and the grand opening and movement to the Bryan building. My senior year was one of the best years of my life – whether it was special friends, working on the Reagan campaign of 1980, parties in the quad, road trips, job rejection letters, trips to Jokers, meeting my wife or trying to do everything else and cram for the CPA exam, I have great memories of UNCG.
In mentioning the opening of the Bryan Building, let me digress as I would be remiss in not remembering Joseph Bryan for whom the business school was named. Mr. Bryan was a huge benefactor and supporter of the University. Let me also compliment Chancellor Sullivan on her leadership and vision for the University over the past 10 years including the upgrading of the campus. From the dining halls to the new academic buildings to the magnificent remake of the Elliott Center it doesn’t look like the same place that I attended.
I use my education from UNCG every day in my job as CFO. At Cone, in 1993 while reporting to John Bakane, he informed me that the company was sending me to “The Executive Program” at the University of Virginia. I asked him what he expected me to learn since I already had an MBA from UNCG. He replied, “To have confidence in yourself. You have the skill sets, you just need to realize it.” While like a parent first teaching a child to walk and talk and then spending the balance of childhood asking them to sit down and be quiet, he may often regret teaching me to believe in myself and speak up. As usual, he was right – I had learned all of the concepts and principles at UNCG that were covered at UVA. I had gotten a quality education.
Each of us needs to let others know what a special place we have here at UNCG. As a member of the Bryan School Advisory Board I have been reminded of the strength and stature of the Bryan School – its recognition as best value in the U.S. by both the Princeton Review & Consumers Digest, national accreditation by AACSB (Association to Advanced Collegiate Schools of Business, International) that puts UNCG in the top 10% of Business Schools nationally. Also, as I travel I am amazed by people who have a connection with UNCG, all who speak highly of the people they know who have attended UNCG or from their own personal experiences. UNCG gave me a great foundation and equipped me with the toolset necessary to be successful in my career.
In addition to a great education I have been blessed by having worked for leaders with the utmost of integrity - truly good men. I was fortunate to have had mentoring from key executives throughout my career – first, Dewey Trogdon, who received his MBA from UNCG, Pat Danahy, then John Bakane and now Joe Gorga. All of these men had some common core values – even in the midst of an industry that has undergone tremendous downsizing in the United States where many have lost their fortunes and their jobs. These leaders care about the people and the personal impact that their decisions have upon individual lives. As Andrew Brod, a professor here at UNCG, reminded me in a debate here at UNCG over free trade and the textile industry – “Capitalism can be Brutal”. Yes it can, however I challenge each of you here to be compassionate to those that are affected by industry migration and help those that are less fortunate.
When I attended the MBA program at the Bryan School, the MBA program had a distinctive niche in the marketplace – it was the only nighttime program available. The program received large support from Winston-Salem companies such RJR, Sara Lee and Wachovia as well as the traditional Greensboro companies. As with textiles, the Bryan School’s competitive marketplace has changed dramatically since I was in attendance: battling a national recession in MBA attendance as well as the proliferation of night-time MBA programs – from the Blue Chip names to the smaller schools. UNCG has been fortunate to have Dean Weeks to guide the program through these dynamics. The billboards that you see around town for My Bryan MBA are very eye-catching and I expect very successful. We have much to offer prospective students.
Before I close I would also like to say that I believe that the success of the athletic program and the Bryan School are linked. The positive exposure that we receive from success in athletics aids in recruiting students for the Bryan School. UNCG just lost its Men’s basketball coach whom I respected very much for the type of person he is and the type of student athletes that he recruited. I believe that he left in part because of poor attendance. Siena, a school of 2,900 put 6,000 fans in the stands for a 6-24 team. UNCG, a school of 15,000 students put less than 1,200 fans on average in the stands for an 18-12 team that almost went to the NCAA’s. I know we’re in ACC country but your support, support from the students and the city of Greensboro by our attendance is important to the program. I hope that the community will support the new coach because a strong University brings great value to the community.
Each of us have different skill sets – I may not be the one that can work a room at a cocktail party or lead fundraising efforts - my strengths may be leading by example, assisting in developing a strategic vision, or making sure that we stay true to our values. I challenge each of you to give back to our University.
In closing the Lord has truly blessed me – I have been given parents who stressed hard work and the importance of a college education, a wonderful family, a great wife, my son Jordan, lifelong friends, challenging and rewarding career opportunities, and finally I’m proud to have had the good fortune of attending a fine institution like UNCG and being a part of the Bryan School. Throughout my career I have been guided by my faith and a strong value system of doing the right thing. I believe that these are some of the same values embodied by the leaders of the UNCG; people like Chancellor Sullivan and Bryan School Dean Jim Weeks as well as our Athletic Director Nelson Bobb. I thank you.