Tim Dunlap invests in the employees at CentiMark for a big payoff

Leave them room to grow

As a company grows, its people need to grow as well, and it’s the job of the business leader to make sure you’re developing a team of good leaders, and not just good managers, Dunlap says. That means sharing and communicating your vision and the company’s performance with the entire organization.
“As a leader, I have found that if you share your vision clearly, solicit honest feedback and react accordingly, your organization will follow you, commit to the vision and develop loyalty fostered by a common goal,” he says.
It also helped to increase CentiMark’s employee stock ownership plan program and its distribution at all levels to create a common interest in doing things right.
Because feedback is so important, anonymous surveys can be a great tool, as long as you react to the results.
“We do a lot of internal surveys about all different facets of the business — sales, marketing, our workforce — just to take the a pulse on what our people are thinking out there, where they see strength, weaknesses, needs, things of that nature,” Dunlap says.
In a large company, you have to always be on your toes, staying on top of what’s going on. But you also have to rely on your management team, empowering them to be out working with the employees, Dunlap says.
This kind of environment lets you seek out ways to become unique and better than others in your industry.
“We are constantly evaluating where time and resources should be allocated,” Dunlap says. “There needs to be a balance between internal-facing investment (operational improvements and efficiencies) and customer-facing investment (creating the best possible buying experience via technology, customer education, sales and marketing). We are constantly balancing the focus between these major investments and they are often done either in tandem or in alternating sequence, so we have the proper balance between the two.”
It’s something you have to always look at, and once you research the operational infrastructure or technology, don’t be afraid to pull the trigger on something that will put you another step ahead of the competition, he says.
Empowering his employees also allows Dunlap to delegate responsibility, so he can remain focused on CentiMark’s next goal of becoming a $1 billion corporation.

“I have developed a trust with my executive team, department managers and all associates to perform in the best interest of the organization,” he says. “This allows me to concentrate on our future direction, yet still feel very comfortable with the day-to-day performance of the organization.”

 

Takeaways:

  • Pay attention to your employees; constantly work on those relationships.
  • As the company grows, empower your employees to grow along with it.
  • Make sure you’re developing good leaders, not just good managers.

 

A few minutes with CentiMark Founder and CEO, Ed Dunlap

Why did you decide to start the business? I was working for a company and didn’t agree with many of the business practices and I thought I could do better with my own business.
What are some of your favorite memories from those early years? Getting paid. I was the last person on the payroll — once everyone else got paid, I took my pay.
What was the most challenging piece of going national and how did you overcome it? The most challenging was that we never had a lot of capital and had to live day-to-day, month-to-month. In the late 1970s and throughout the 1980s, two things help changed the direction of our company:
We began installing a new roofing product that hit the market, EPDM black rubber roofing.
We started a comprehensive national accounts program to grow our business — to have one point of contact for businesses with multiple locations and to improve communication and customer service.
How much has the company changed? Is there anything about it that surprises you? The success surprises me. Our first year, the revenue was $98,500. Now we are a $700 million corporation working toward our goal of being a $1 billion corporation. Never in my wildest dreams did I think we would have this kind of success.
What’s the biggest thing that has stayed the same over 50 years? The people at CentiMark. We have many long-term associates (220 with 20-plus years tenure). We are a family business and our associates are like family to me. We have so many fathers, mothers, children, brothers, cousins and spouses who work at CentiMark. We’re a family. And I work with my son, Tim, every day.
What advice would you give to other entrepreneurs based on your experiences? First of all, do something that you love. It will be your life’s work.
Work hard, work smart and surround yourself with loyal, hardworking, trustworthy people. Also, keep the debt low. If you spend more than you have, that generally hampers your success.