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| First Person |
A Gamble that Keeps Paying
Bill Cullen
05/03/2004
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 | | BILL CULLEN is CEO of Glencullen Motor Group, the Renault distributorship
for Ireland, a $400-million annual revenue firm based in Dublin. He also is founder of the Irish Youth Foundation, a children’s issues philanthropy. His
memoir of his youth and business success, It’s a Long Way from Penny Apples, was
released in paperback in the United States in February (a Tor/Forge, Tom Doherty
Associates book). Penny Apples is an international best seller, spending
17 weeks on the London Times top 10 best sellers list. |
I had several car dealerships over the years, and the Renault
opportunity presented itself in 1986. Turning Renault around was a matter of
common sense. I reduced costs by 40 percent. That meant having the skill to
coalesce the workforce—to call the employees together and say, “This company is
hemorrhaging” and reducing the salaries. I told them I’m going to have a salary
of $25,000 and no one is getting paid more than me. Some disgruntled executives
walked out, but everyone then put his shoulder to the wheel and we came
through!
Today I do have money, but wealth in the form of profits is not what
gives meaning to my life. The last thing I look at is whether I made money. If
we earn a reputation for excellence, we will become a major player in our
industry and make a lot of money, too. That allows me to be generous to my
employees and to devote time and money to philanthropy.
At my company, now
called Glencullen Motor Group, we budget $1,500 each month for an employee event
that varies from an outing at a pub to going to a show. I send handwritten notes
to those whom I want to thank for their good work. Saying thanks to people is
one of the things that has helped me so much. People like to know they are
appreciated, and if they feel good, they do a better job and do it with a smile.
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