Friday, April 20, 2012

CEO Profile: John Carrico

Twelve-year-old John Carrico started washing dishes in his father’s family restaurant in Martinsville, Virginia.  This is where he learned the value of hard work and the importance of working with others to achieve a common goal.  After graduating from UVA with a B.S. in Commerce, and later an MBA from the Darden School with an emphasis in marketing, he worked as a CPA and an audit supervisor for Coopers & Lybrand, and then for Signet Bank where he had achieved the title Vice-President of Installment Lending by 1997—the year he was recruited by Jim Ukrop.

Ukrop’s Dress Express was spun off from Ukrop’s Supermarket in 1998 to focus on designing, manufacturing, and marketing uniforms to supermarkets and other businesses. Among its clients today Ukrop’s Dress Express counts more than 50 food store chains—and more Top 75 supermarkets than any other uniform vendor—in addition to other major corporations, with over 1,000 uniform apparel and promotional product accounts across the country.

John is married to his high school sweetheart, Sheri, and they have two sports-minded teenage sons, Tyler and Drew. Tyler recently signed a scholarship offer to play baseball for UVA next year.  John is an active spectator and coach for his son’s baseball teams, and is involved with his church and Noah’s Children, the area’s only palliative and hospice care program solely for children.

 

How do you define success?

Lifting others to achieve more—which, in turn, lifts the business to new levels.

 

In your opinion, what are the most important characteristics of a good leader? 

A good leader leads by example, has passion and courage to act, has vision and sees around the corner, and is fair and consistent.

 

What is your biggest challenge as a CEO?

Tactically, the ability to manage the risk of world source production in an overseas climate that seems to be in constant turmoil and upheaval.  Strategically, preventing complacency within your organization once you have achieved some levels of success.

 

Three words that describe me as a CEO are…

Driven, passionate, prepared.

 

Something surprising about my job is… 

There’s a creative sense of style in what could be a “boring” uniform industry.

 

Best Virginia business dinner

Boar’s Head Inn

 

Recently read

The Last Lecture, by Randy Pausch and Jeffrey Zaslow

 

You’re hosting a dinner party for three famous people – current or historical.   Who would they be and why?

Thomas Jefferson—he drafted the principles that laid the foundation of our country, and was an amazing statesman and visionary (and he designed a pretty awesome University in his hometown).

Walt Disney—he was the greatest creative genius ever, and it all started with a mouse.

Cal Ripken, Jr.—he is the total definition of persistence, drive, and hard work to achieve amazing success.

 

What is the best business advice you’ve received?

“The harder you work, the luckier you get,” from Jim Ukrop.

 

What motivates you?

Building teams to facilitate the achievement of sustainable success.

 

What makes your company unique?

We design and manufacture very good, custom uniform apparel products, and we provide great service to our customers—all by having a remarkable group of passionate associates driven to serve.

 

I can’t get through the day without…

My iPhone!

 

Guilty pleasure

Trips to DisneyWorld (more than I want to admit!)

 

Favorite websites

cnn.com, wsj.com, virginiasports.com, espn.com

 

Music to work by

Classic rock, like The Eagles

 

Volunteerism

Noah’s Children—Central Virginia’s only children’s hospice and palliative care program, Huguenot Little League (youth baseball coach),BonAirUnitedMethodistChurch

 

 

Posted by Scot McRoberts at 12:15 pm
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Tuesday, June 28, 2011

SMB CEOs’ Economic Outlook Dims

FOR IMMEDIATE RELEASE

June 28, 2011

Robins School of Business –Virginia Council of CEOs 2nd quarter survey finds continued uncertainty about business, economy for the next six months

For the second straight quarter, CEOs in central Virginia have shown a more pessimistic view of business and the economy looking ahead six months, according to the 2nd quarter 2011 CEO Economic Outlook Survey. The findings are in contrast to CEOs’ relative optimism in 2010.

The survey reveals that top executives of small and mid-sized companies anticipate either unchanged or decreased capital spending and hiring. Slightly more than half predict increased sales for the next two quarters. And results show that “economic uncertainty” is the most significant business issue CEOs face today, ahead of rising energy and healthcare costs, staffing, financial issues and political uncertainty.

The Virginia Council of CEOs and University of Richmond’s Robins School of Business jointly conduct the quarterly survey, which helps central Virginia companies anticipate business decisions and plan for growth.

“This is a clear indication that the current mindset of the CEO is to proceed with caution,” said Scot McRoberts, executive director of the council. “We are seeing good growth in a few sectors – health care, IT and staffing particularly.  But, there is not a lot of confidence in either the overall growth of the economy or what Washington will do in terms of taxes and regulation.”

The following survey results, from the 2nd quarter 2011 and the 1st quarter 2011, show projections for the next six months for sales, spending and employment:

2011 Q2 2011 Q1
Increase No Change Decrease Increase No Change Decrease
How do you expect your company’s sales to change in the next six months? 54.7% 32.0% 13.3% 69.9% 21.9% 8.2%
How do you expect your company’s U.S. capital spending to change in the next six months? 31.1% 40.5% 28.4% 28.8% 56.2% 15.1%
How do you expect your company’s U.S. employment to change in the next six months? 39.2% 50.0% 10.8% 39.7% 52.1% 8.2%

The council and the Robins School collected responses from 75 business owners and CEOs in central Virginia. The average annual revenue year-to-date for CEOs responding was $3.3 million. The data was compared to the 1st quarter 2011 survey, which consisted of 73 participants. Multiple industries are represented in the sample (for example, construction, manufacturing, finance and insurance, and retail).

“What we see in these current data, relative to the previous quarter, are more CEOs anticipating no change, or a decrease, in some of their core business practices,” said Jeff Pollack, assistant professor of management at the Robins School, who calculated the results. “Based on data we collected about the issues these CEOs face, it could be that slow economic growth and economic uncertainty are related to this more pessimistic outlook.”

Pollack adapted the survey from the Business Roundtable, an association of CEOs leading U.S. companies that conducts a similar survey nationally.

The results also provide an overall economic outlook index, which is based on businesses’ projected six-month sales, spending and employment figures.

Economic Outlook Index

Survey Date CEO Economic Outlook Index
Q2 2011 74.17
Q1 2011 85.63
Q4 2010 92.27
Q3 2010 94.47

The council continues to expand the survey beyond its members, offering any area business owners whose companies gross at least $1 million in annual revenue the opportunity to participate. If enough businesses participate, the council will provide survey results by industry. Participation is free, and all participants will receive copies of the survey data.

Business owners and CEOs who would like to participate in the next survey should contact McRoberts at smcroberts@vaceos.org.

Posted by Scot McRoberts at 4:33 pm
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Thursday, April 7, 2011

All Smiles at the CEO Retreat

It’s all smiles at the 2011 CEO Retreat at Kingsmill Resort.   Here are some highlights from today.

– It is hard to get to the meetings on time because there are so many cool people to talk to.

– Kingsmill always puts outstanding meals in front of us.

– Jay Goltz had the CEOs buzzing with his ideas about the “new” way to approach business.

– Somehow, we lined up 80 CEOs for this group photo in less than 10 minutes.  No herding cats jokes needed.

– Robins School professor Jeff Pollack awarded coveted VACEOs bat for his work on the CEO Economic Outlook Survey.

– President Obama and family rumored to be arriving soon (don’t think he is here for our meeting).

– Eric Herrenkohl got us working on “How to Hire A-Players” and gives us the two most important interview questions.  1) Tell me a little about what you did in each previous job.  2) Follow up with broad, open-ended questions that get behind the programmed answers.

Posted by Scot McRoberts at 6:10 pm
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Friday, April 1, 2011

Virginia SMB CEOs Less Optimistic Than The Big Guys

The First Quarter 2011 CEO Economic Outlook Survey for Central Virginia showed slightly lower expectations for the coming six months. While nearly 70% of CEOs expected increases in sales, only 40% saw increased hiring, and less than 30% expected increased capital spending.  The Economic Outlook Index, a composite representative of these data, dropped slightly from 92.27 to 85.63.

The Virginia Council of CEOs (VACEOs) / Robins School of Business survey mirrors that of the Business Roundtable (BRT), an association of CEOs of leading U.S. companies.  Interestingly, the BRT survey’s index jumped significantly – up 12 points to 113.  This is the highest index since the BRT survey’s inception in 2002.

The graph above shows both the VACEOs / Robins School and BRT indices. Clearly, small and mid-sized businesses (SMBs) in central Virginia are not experiencing the same intensity of recovery as large businesses at this time.  My interactions with VACEOs members tell me why.

  • Large corporations’ moves during the recession to reduce workforce and limit spending helped them to maintain profitability and conserve cash.  SMBs made similar moves, but limited economies of scale prevented most from being able to come out of the recession with the resources to expand as the economy rebounds.
  • Small business did not get bailed out. The big guys did.   Token efforts by the Feds to stimulate small business lending had little effect on the street.

That said, some central Virginia SMBs are coming out of the recession like the VCU Rams in the NCAA Tournament! They appear to be the ones that went into it with low debt and cash reserves (the ability to pick off weaker competitors), or those that are bringing innovation to market.

Posted by Scot McRoberts at 1:38 pm
Thursday, February 17, 2011

CEO Retreat Program Announced

The Virginia Council of CEOs recently announced the program for the 2011 CEO Retreat.  This much anticipated annual event will feature presentations by small business blogger Jay Goltz and economist Alan Beaulieu.  Also speaking will be the author of “How to Hire A Players”, Eric Herrenkohl and the CEO of Geomagic, Ping Fu.

The CEO Retreat will be held on April 6-8 at Kingsmill Resort in Williamsburg, Virgnia.  Your can download the CEO Retreat 2011 Brochure or see the VACEOs web site for more details.

More than 100 CEOs of small and mid-sized Virginia businesses are expected to attend.

Posted by Scot McRoberts at 3:17 am
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