|
|
 |
|
| Opportunities & Exposures: Entrepreneurship |
Second Wind
Jeff and Rich Sloan
09/01/2005
|
Most people start planning for retirement as soon as they reach the
top of their game. But for many driven executives, a life of golf and yachts can
never compare with the thrill of entrepreneurship. The truth is that hundreds of
successful new businesses are started every year by executives who have already
become successful, but want to continue to achieve on their own terms.
“I spent
25 years creating
a methodology for
how business should
be conducted, and
I felt like it was
an unfinished
experiment.” |
That
is certainly the case with Frank Hennessey, who made a mint at the helm of
several public corporations. Frank’s run as top executive included roles at
Handleman, a distributor of music to mass merchandisers that he grew to $750
million in sales; EMCO Limited, a fluid-handling equipment company with $1.3
billion in sales when he left; and MascoTech, an auto parts maker with $1.7
billion in sales.
Most people who achieve this level of corporate success
would begin slowing down and planning retirement. But in 2002, at the age of 65,
Frank decided to start Hennessey Capital, a small venture that provides
factoring services to small and large companies. “It was clear to me that I was
never going to retire. That’s just not who I am,” Frank says. Frank’s work was
far from finished. “I spent 25 years creating a methodology for how business
should be conducted, and I felt like it was an unfinished experiment.”
Frank
no longer wants to spend 60 hours a week with a particular set of
responsibilities and duties, but he could not live without the adrenaline rush
of being “the big-picture guy” at his own company, “the keeper of the culture.”
He explains: “I do want to touch as many people as possible, and the role I’ve
chosen allows me that freedom. It’s greatly satisfying for me to help others do
what I’ve already done for myself.”
|
|
|
|
|
|
|
