The Fretz file Featured

7:00pm EDT November 24, 2006

Born: Philadelphia

Education: Undergraduate degrees, biology and chemistry, Butler University; MBA, Temple University First job: Microbiologist What is the greatest business lesson you’ve learned?

You have to have good people working for you. You need to hire and put in place the best people you can for the job, not only in terms of their knowledge but in their ability to work well with other parts of the team. When we look at how we grow, it always relates to the team, and the biggest failure is when people can’t adapt to that. It hurts the entire result.

How do you measure success?

For a public company, you can only measure that in terms of how well you’ve rewarded your unit holders, and you do that with higher unit prices and higher distributions to them. That is the ultimate measure of success for the company.

What is an important thing to remember about setting goals?

People talk a lot about setting goals, and I think you have to measure them and hold people accountable for the goals they set.

Fretz on delegating responsibility: You hire good people, make them accountable for their areas of responsibility, measure their success and reward them. I’m not there to do their jobs.

Everybody is there to make the company successful and they all have their roles to play..