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Friday, May 16, 2008
Sponsor for sought new dolphin exhibit
The Atlanta Journal-Constitution
When Home Depot co-founder Bernie Marcus spent $240 million of his own money to build the Georgia Aquarium, he pledged it would be built debt-free.
And when the aquarium ended up costing a total of $290 million (not including the land donated by the Coca-Cola Co.), Marcus and his team were able to secure sponsors for the remaining $50 million.
Last week, Marcus and the Georgia Aquarium announced plans to build a $110 million expansion for a crowd-pleasing dolphin exhibit.
But who will pay for that expansion?
That’s the beauty of the Georgia Aquarium. “We realized this was going to be very expensive to operate,” Marcus said. “And we recognized it had to be self-sustaining. That’s why we added all these rental facilities, like the banquet hall, to help pay the bills.”
Marcus spoke to me right after being interviewed by CNBC’s Squawk Box, which was filming this morning from the Georgia Aquarium as well as in front of the new World of Coca-Cola.
Many major aquariums open with a mountain of debt, and then the attraction’s operating revenues can’t pay for the regular expenses, much less the debt payments.
But the Georgia Aquarium has been generating enough cash flow to pay for its operations, and then some.
“With the cash flow we have, we should be able to pay for it (the $110 million expansion),” Marcus said. “The critical factor will be to have a sponsor for it. And we will want participation from the public to help support the facility.”
Marcus would not say how much a sponsor would need to pay for the dolphin exhibit, or which companies or individuals he might be talking to.
“We have some people we are talking to, that we are actively talking to,” Marcus said. “That’s being negotiated.”
Marcus did add that the Georgia Aquarium can build and open the exhibit without a sponsor. But to make the exhibit as special as possible, it does need a sponsor.
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Wisdom from GSU Hall of Fame inductees
The Atlanta Journal-Constitution
As four business and civic leaders were inducted Thursday evening into GSU’s Business Hall of Fame, they shared the secrets of their success.
The first person inducted was Mackey McDonald, chairman of the VF Corp., a $7 billion company specializing in branded apparel that is based in Greensboro, N.C. McDonald attended Georgia State’s business school when he was completing his tour of duty at Fort McPherson.
“The only time you learn anything is when you listen,” is one of McDonald’s favorite quotes.
Upon accepting the honor, McDonald said: “It all starts with family and high expectations.” Then, referring to a video full of accolades about him, McDonald addressed his 94-year-old mother in the audience. “Yes mom, that was me that they were talking about.”
The next leader to be inducted was Xernona Clayton, founder of the Trumpet Awards Foundation, a former Turner Broadcasting executive and a leader dring the Civil Rights movement.
“My father always said that: ‘Nobody is better than you,” she said in the introductory video, “and you are not better than anybody else.”
During her talk, Clayton shared another guiding principle she has followed: “We may not want to take time to do it right, but we must take time if it’s done wrong.” In short, it’s easier to do it right the first time.
The next honoree was developer John Williams, founder of Post Properties and a longtime leader in Cobb County and the metro area.
Williams’ friend and business associate Kessel Stelling told dinner guests that “John operates by three rules. One, have fun. Two, believe in making money. And three, be more than fair.”
Although he attended Georgia Tech, Williams does have a special tie with GSU’s business school. Multi-faceted businessman J. Mack Robinson, for whom the GSU business school is named, invested in Williams’ development company in 1976. Williams remains grateful to this day, describing Robinson as a cordial Southern gentleman.
The last person to be inducted was Sam Williams, president of the Metro Atlanta Chamber of Commerce.
Sam Williams, who also went to Georgia Tech, talked about his tough transition from his home state of Tennessee to Atlanta, where he knew no one. He quickly learned: “If you are going to survive in this town, you have got to get up early and work late.”
Learning from the city’s greatest leaders, Williams said the roots of Atlanta’s heritage is that it’s business leaders give back. “I was really lucky to land here,” Williams said of Atlanta. “I’ve been a student of city building throughout my career.”
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