Meeting |
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Meeting |
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August 28, 2001 |
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| Businessman and philanthropist Felix Sabates came
to Charlotte Rotary to speak about "Life after Retirement." He used the occasion
to share with Charlotte Rotary many anecdotes of his very successful business career and
described why he recently decided on retirement and how he plans to spend it. Sabates fled to Miami, Florida, from Havana, Cuba, at the age of sixteen. At that time, he spoke little English, was alone, and possessed only a few dollars and two boxes of cigars. Since then, he has worked his way up from a dishwasher, floor sweeper and door-to-door salesman to commanding a network of highly successful companies and becoming one of the most affluent, respected, and recognized businessmen in America. He represents the epitome of the "self-made" man. Sabates indicated that, in his life, "timing is everything." He told of his business experiences with Top Sales, Inc., a manufacturer's representative company that distributes merchandise to major retail outlets. Top Sales was the first company to distribute Atari, or "Pong" as it was known at the time, in the U.S. When Nintendo decided they wanted to enter the U.S. market, they contacted Sabates. Sabates has crisscrossed the U.S., meeting with prospective clients who approached Top Sales to distribute their products. Compaq, at that time a little-known computer company in Houston, contacted Top Sales and had a vision that computers would be acquired by individuals for home use—a revolutionary idea! Top Sales entered into a three-year contract for the exclusive rights to distribute Compaq in twenty-one states. The first year of Compaq sales by Top Sales reached $1 billion. The second year of sales reached $1.3 billion. Sabates told a particularly humorous story about how Top Sales and Compaq had signed a second three-year contract; however, shortly thereafter, Compaq wanted to meet with him to discuss it. This time, instead of Sabates criss-crossing the country, Compaq came to him in Charlotte. They wanted to buy Top Sales out of the distribution contract and, ultimately, made Top Sales an offer so attractive that Sabates couldn't turn it down. With a purported eighth-grade education, Sabates said he doesn't relate as well to the new technology markets. He feels out of place and, therefore, recently decided to sell his company to his employees, many of whom have been with the company for twenty years. In this way, he said he could be sure that they would reap the benefits of their hard work in making the company grow and prosper. Sabates's newest business venture is boats. He purchased Stuart Hatteras, a boat company in Stuart, Florida, just shortly before Congress implemented the luxury tax. Here was another example of "timing," only in this case it seemed like bad timing. Sabates was approached by Higgins Boat Craft, a company that was in financial difficulties and needed to sell its inventory. Sabates knew the company's product was very good, as it used to manufacture all of the U.S. military boats, so he invested in it. It wasn't much later that Congress repealed the luxury tax and Sabates had the only inventory of luxury boats. Timing was indeed everything. Today, Victory Lane Enterprises' boats range from 100 to 220 feet in length and have a worldwide reputation as some of the most luxurious, easily maneuvered boats on the water. The company is the largest manufacturer of luxury yachts in the U.S. and the fifth largest manufacturer in the world. Regardless of all the adventures that have accompanied his business achievements, Sabates' real passion is golf. He says, unlike "the young guys who hit far, 1 hit short and straight and outsmart them." In retirement, he plans on working on his golf game. Marilynn Bowler introduced Sabates. E K Fretwell presided over the meeting in Jim Woodward's absence. Pete DeWitt introduced visiting Rotarians and guests and asked that "when they are introduced they remain standing until everyone is introduced so we can see what they're wearing." Tom Hutchins presented Health and Happiness. Bill Loftin provided the invocation. And, two new members were introduced: Rusty Brink introduced Ed Case, C.E.O. of Presbyterian Hospital, and Luther Moore introduced David Erdman. a civil litigator. * * * |
New Member
Joined 1985 Business Ethics Belter Business Bureau Thomas M. Bartholomy is
president and CEO of the Better Business Bureau of Southern Piedmont, Inc. Tom comes to
Charlotte from Ft. Wayne, Indiana, where he had served as president/CEO of the Better
Business Bureau since 1986. Tom, his wife Terri and son Paul, relocated to Charlotte in
mid-March. He assumed his duties at the Charlotte BBB on March 19, 2001. In the past ten
years, the BBB in Ft. Wayne has become nationally recognized by winning six awards in the
areas of sales and retention, overall Bureau operations, local advertising review and
consumer education. * * * POWELL'S
POWELL MAJORS Tom Gentry has
a two year contract with Duke University to broadcast over MIX 106 both football and
basketball games. (Phil Van Hoy will find the station on 106.1 FM) * * * |
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Revised: January 24, 2008.
